• Home
  • Get A Quote
  • Customer Service
  • Refer a Friend
  • About Us
  • Claim Information
  • Employee Directory
  • Privacy Policy
  • Contact Us
Call Us Contact Us For A Quote | 847.680.0888
     Home
  • Home
  • Get A Quote
    • AutomobileImage of right arrow
      • Mexico Travel Insurance Quote
      • Automobile Quote
      • Get an Instant Quote Now!
    • Bonds
    • Business & CommercialImage of right arrow
      • Commercial Auto Insurance Quote
      • General Liability Quote Form
      • Business Owners (BOP) Quote Form
      • Workers Compensation Quote
    • Flood
    • HealthImage of right arrow
      • Disability Insurance Quote
      • Long Term Care Insurance Quote
    • HomeownersImage of right arrow
      • Homeowners Quote
      • Get an Instant Quote
    • LifeImage of right arrow
      • Life Insurance Quote
      • Term Life Insurance Quote
    • Motorcycle
    • Recreational Vehicle
    • Renters
    • Watercraft & Boat
  • Customer Service
    • Automobile
    • Business & Commercial
    • Motorcycle
  • Claims
    • Automobile
    • Homeowners
  • Blog
  • Make a Payment
  • Resources
    • Secure File Area
    • Refer a Friend
    • Important Links
    • Calculators
    • Free Reports
    • Insurance Glossary
    • Frequently Asked Questions
    • News Center
  • About Us
    • About R Hobbs Insurance Agency Inc
    • Location Map
    • Employee Directory
    • Partners
    • Customer Testimonials
    • Privacy Policy
  • Contact
    • Contact Us
    • Join Our Newsletter
Homeowners Insurance HOME

A standard policy insures the home itself and the things you keep in it.

Read More
Auto Insurance AUTO

Auto insurance protects you against financial loss if you have an accident.

Read More
Business Insurance BUSINESS

Discover the perfect insurance options to meet your specific and unique needs.

Read More
Life Insurance LIFE

Browse a variety of insurance options in order to find the right one for you.

Read More
Flood Insurance FLOOD

Learn about different flood coverage options that fit your specific needs.

Read More
Boat Insurance BOAT

Finding insurance doesn't have to be difficult. We do the work for you.

Read More
Home > Blog > Do You Need Umbrella Insurance?
MONDAY, FEBRUARY 10, 2020

Do You Need Umbrella Insurance?

One of the most certain things in life is uncertainty. Your dog could bite the neighbor’s kid. Your teen driver could hit a cyclist. A guest could fall down your stairs. A rainy morning commute on worn-out tires could result in a multi-car accident. And you could be held liable to others for the cost of damages – injuries, property destruction, emotional distress, lost wages and more.

Good thing you have insurance. But, wait, your policy covers $300,000 of liability, and, in a lawsuit, you’re judged liable for $1 million. That leaves $700,000 left to pay. How will you cover it?

If you have umbrella insurance and your policy covers the incident, the additional $700,000 will come from your policy. If not, it will come from the assets you have now, such as your home and savings, and from future assets, such as your wages or inheritance.

The fact is, it only takes one serious accident and a resulting lawsuit to put everything you own - and will own - at risk. And it only takes one umbrella policy to help protect it all.

Here are a few things you should know about umbrella insurance:

·    Personal umbrella policies typically offer between one and five million dollars of liability coverage. Consider your net worth when choosing your coverage –you could be sued for everything you have.

·    An umbrella policy is not a stand-alone policy. Your insurance carrier will typically require you to meet certain qualifications, such as having an auto policy with a certain level of liability coverage, in order to purchase umbrella insurance.

·    Even when you have umbrella insurance, your car or home insurance is your first line of defense. For example, if you are liable for $2 million in a car accident and your auto insurance covers $500,000 of liability, your auto policy covers the first $500,000. Your umbrella policy covers the remaining $1.5 million, assuming your policy covers the incident and that you purchased that much coverage. If you are liable for $250,000 in an accident on your property and your homeowners insurance covers $300,000, your umbrella policy won’t be needed.

·    If you insure a motorcycle, ATV, golf cart, snowmobile, motorhome, or watercraft, your umbrella policy may provide additional liability coverage on top of those policies as well. Be sure to check with your agent to confirm your coverage on these types of vehicles.

·    A single umbrella policy typically covers all of your family members who are residents of your household.

Essentially, an umbrella policy gives you excess liability coverage on top of what your other policies provide. If you’re at fault for a serious accident, you’ll need it.

Umbrella insurance also gives you liability coverage in instances where other policies don’t. Examples include driving in a foreign country or renting a boat.

If you’re curious about how umbrella insurance might play a role in protecting the life you’ve built or plan to build, talk to us today.

Contact us for all of your insurance needs! 

Illinois and Wisconsin residents, at R Hobbs Insurance Agency, we can work with you to make sure you've got the coverage you need, while at the same time using all possible credits and discounts to make that coverage affordable. Just give us a call at (847) 680-0888 or send us a note at chris@rhobbsinsurance.com. We want to help you meet your goals, and make sure what's important to you is protected!

Content source: Safeco

Posted 10:00 AM

Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013


View Mobile Version
Facebook
Twitter
LinkedIn
Carriers
Carriers
Carriers
Carriers
Carriers
Carriers
Carriers
Twitter Logo
Tweets by RHobbsInsurance

Resources

Home About Us Get a Quote Customer Service Contact Us

Contact Us

icon
  • Mailing Address
  • 250 Parkway Dr. Suite 150
  • Lincolnshire, IL 60069
  • –
  • Phone: 847.680.0888
  • Fax: 847.821.0898
  • Email us
© Copyright. All rights reserved.
Powered by Insurance Website Builder