All insurance coverage is designed to protect you in case something unexpected happens. Whether you are concerned about your car insurance coverage when carrying carpool members or you run a construction company, your insurance is designed to kick in when injuries or accidents occur. Understanding liability limits and how to protect above and beyond them is important to avoid judgments against you in the future.
To ensure that you have the right amount of protection with the right insurance policies, contact American Advantage – IFS Inc. in Pewaukee, Wisconsin. As an independent insurance agency, we will work closely with you to ensure that you have the protection that you deserve, all at the right price to fit your budget. We are the company of choice for Pewaukee umbrella policies.
One of the main reasons that you invest in various insurance policies is to protect your finances. With the high number of lawsuits that are filed every day, knowing the liability limits of each of your insurance policies can help you rest assured that you have the coverage that you need.
Most automobile insurance policies cover far less than $1 million in liability, meaning they won’t pay for excessive claims due to serious injury. Purchasing an umbrella policy, also known as an excess liability policy, allows you to obtain much higher limits of liability at a reasonable cost, and provides protection above and beyond what your other policies already support. Companies and individuals both have options for expanding their coverage above and beyond the usual limits for nearly any purpose.
Keep in mind that all insurance policies have strict limits for the amount of liability that they will provide. Once those liability limits are reached, you will be left paying for any other damages and lawsuit costs out of your own pocket. Investing in a personal umbrella insurance policy can help to ensure that you have the additional coverage that you need to provide enough protection.
Before you choose a personal umbrella insurance policy, make sure to ask your insurance agent these questions.
- Will slander, libel, and other reputational injuries be covered? If you have any teenage children, check to ensure that the policy will also provide coverage for reputational harm that comes from social media.
- Will you be covered anywhere in the world? While some umbrella policies will provide coverage for anywhere you are in the world, others will only provide coverage for incidents that happen in the United States and Canada.
- Do you have coverage when renting a car? When renting a vehicle, you will typically have coverage for liability injuries, but will not be covered for collision damages to the rental vehicle. An umbrella insurance policy will provide the extra coverage that you need for any damages that are caused to the rental car.
- You have a young driver
- You have several drivers in your household
- You have a pool, trampoline, or treehouse
- You own a dog
- You use snowmobiles, dirt bikes, boats or ATVs
- You have a home office or business that customers visit
- You have rental properties
- You host parties