Why Do I Need A Personal Umbrella Policy

The words "Into every life some rain must fall" comes from the lyrics to a song but they truly define life. Not every day in your life is going to be filled with sunshine, Bad things happen even to good people and when the rain comes, having an umbrella can help to keep you dry. Umbrella insurance works pretty much the same way when it comes to protecting your finances. At Martin Insurance Team in Evergreen Park, IL, we understand all kinds of insurance and we are happy to help you to understand why you need personal umbrella insurance.  

In the simplest terms, if you have any assets at all, you can benefit from a personal umbrella policy. When you own a home or a car, there is the potential that someone may decide to sue you for an injury that they may have received. Home insurance and auto insurance have specific limits on the amount of liability coverage that they provide. As judgments get bigger and bigger,  the potential that it may go beyond the limits of the individual policy increase.

If someone is awarded an amount that exceeds the limit of your policy, you are responsible personally for the remainder. This could mean losing some or all of your assets. You have worked too hard to get where you are to let this happen. An umbrella policy is excess liability insurance. When you have reached the limit of your policy, the umbrella policy will kick it. Most umbrella policies are from one to five million. As you can see, an umbrella policy is not a luxury, it is a necessary protection. 

The Martin Insurance Team in Evergreen Park, IL is ready and willing to help you decide if you need a personal umbrella policy. Stop by our office or give us a call to get a no-obligation quote.