If you own an insurance policy for your home and auto, then you may think that there is not anything else that you need to own to protect your family. The truth is, liability claims are becoming more of a reality every day. Here are some things that you will need to know about an umbrella policy.
Basic Information About Your Umbrella Policy
- An umbrella policy extends your liability coverage for every policy that you own.
- It pays out on a claim once all other policies have been maxed out. For instance, if you have a claim of $500,000 and your home policy covers $300,000 of it, then your umbrella policy will pay the remaining $200,000.
- The policy will cover all insured people in your family. This also includes all teenage drivers.
- You will have to pick a deductible for the policy so think of what you can afford to retain.
- To own a policy you are only looking at a few dollars per day to extend your insurance coverage benefits.
If you live in the Lombard, IL area and are looking to pick up an umbrella policy, then you need to contact Steve Wilk Insurance. They can help fit you with the right policy for your umbrella insurance. They can also answer all of your questions when it comes to an umbrella policy.