What every policyholder should know about umbrella insurance

What every policyholder should know about umbrella insurance

Technology has made the world a small place where you can interact with everyone across the globe. On the other hand, it has created many opportunities for people to steal your personal information and get you into trouble, but luckily insurance experts have a way to save the whole mess–Umbrella insurance. Also known as extra liability insurance, umbrella insurance protects you and your property from big-ticket judgment. If you are in the market for this policy, here is what Statewide Insurance Solutions wants you to know.

Umbrella insurance is not self-sufficient

You will need other standard policies like home, auto, and boat to use umbrella insurance. In most cases, your standard policies are never adequate to pay for damages, losses, and injuries, not to mention lawsuits. Umbrella comes to the rescue when the coverage limit is reached and offsets the remaining costs. Therefore, you will need your home insurance or car insurance when buying umbrella insurance.

Everyone needs umbrella insurance

Every homeowner, asset owner, parent, social person, tenant, or prominent person in Gurnee, IL, needs umbrella insurance. You never know when it will be your turn to deal with a messy lawsuit that could leave you bankrupt.  If you are not a homeowner, you are a tenant; if you are not a social media personality, you are a busy mom or dad, which puts you at risk of getting involved in a lawsuit. To sum it up, we all need umbrella insurance.

Umbrella insurance does not cover damage to your property

Remember, umbrella insurance is a liability policy, so you will only be covered if you or any of your family members are held responsible for injuries or damage to someone else’s property. To protect your home, buy an adequate home insurance policy and flood insurance.

Looking for umbrella insurance in Gurnee, IL? Statewide Insurance Solutions can help guide you through the process. For quotes and queries, call or drop by today!