If you have a home, auto, and boat insurance plan, you may wonder when someone tells you that you need additional insurance. Regrettably, your conventional insurance coverages can only do so much when faced with a significant claim. For this reason, you need umbrella insurance from Goshen Group Inc. in Glen Carbon, IL to pick off from where your typical insurance coverages leave off.
It's liability coverage that provides you with extra liability protection when your conventional liability insurance plans run out. For instance, assume you have home insurance with liability coverage of $50,000. Suppose that a guest trips on your stairs, injuring their spine. While the incident is accidental, you could be held responsible for the guest's medical expenses.
Now let's see how umbrella insurance comes into play. Assume that the medical bills rise to $100,000. Your home insurance will cover the $50,000, but for the balance of $50,000, you will pay this from your pocket! Luckily, if you have umbrella insurance, it will cover expenses above your home insurance limit.
Like mentioned, umbrella insurance is liability coverage. It covers you when deemed liable for damage and injuries to third parties. Ultimately, umbrella insurance covers you when accused of:
Besides, umbrella insurance covers legal costs, including the attorney fees and the settlement claim.
Most people usually think umbrella insurance is for the super-rich only. However, the truth is that anyone earning a livelihood needs umbrella insurance. Given that the risk of being sued is high in America, you need an insurance policy that protects you in case liability claims to exceed your conventional liability insurance plans.
Want to boost your liability coverage in Illinois? Please contact Goshen Group Inc. for a reliable umbrella insurance plan.