Humans aren’t perfect. Your insurance isn’t perfect either. Your home, boat, or auto insurance protects you against several perils but only to a certain point. When lawsuits come raining, you need umbrella insurance from CG Insurance Agency LLC of Williamston, MI to carry the day when your current liability coverages run out.
What is umbrella insurance?
Also known as excess liability insurance, umbrella insurance doesn’t stand on its own. It rides on other insurance plans like home, boat, condo, or auto insurance. Umbrella insurance takes over when you are facing claims exceeding your typical insurance coverages.
Because we live in an uncertain environment, you can’t predict lawsuits you are likely to face. In the same breath, you can’t predict their outcome, too. Regrettably, when cases are ruled against you, the financial liability could be massive, putting your assets and future earnings at stake. However, when you have umbrella insurance, legal costs, including attorney fees and settlement costs, are taken care of.
Who exactly needs umbrella insurance?
Whenever you want to answer whether you need umbrella insurance, think about your assets: your car, home, investments, and checking accounts. Now, assume you are faced with a substantial lawsuit exceeding your standard insurance plans. In that case, your assets will be on the line to cover the damages.
There is a popular misconception that umbrella insurance is for the wealthy. This notion can’t be further from the truth. Anyone can face legal suits. And if you have assets, they will be at stake if you fail to cover the resulting legal costs.
While everyone needs umbrella insurance, it’s vital to purchase one if you belong in one of the below categories:
- You own a swimming pool or trampoline
- You have certain breeds of dogs that can bite
- You or your family member has a social media presence
- You have a business
- You participate in risky sporting activities like hunting and surfing
- You coach youth sports
- You have significant investments or want to protect your future earnings
Are you a resident of Williamston, MI, and need to purchase umbrella insurance? Contact CG Insurance Agency LLC today for a quote.