What Are the Benefits of Having Umbrella Insurance?

At CG Insurance Agency in Williamston, MI, we get a lot of questions about umbrella insurance. Umbrella insurance is an important type of insurance to have, but it’s not required by law like auto or health insurance. So, why do you need it?

Here are four reasons to consider umbrella insurance:

Protects You From Lawsuits

If you’re ever sued for damages that exceed the coverage of your auto or home insurance policy, umbrella insurance will help pay for the costs of the lawsuit, including attorney’s fees, court costs, and any damages that you’re liable for. Without umbrella insurance, you could be left to pay these costs out of your own pocket. 

Offers Extra Protection for High-risk Activities

If you participate in activities that carry a higher risk of bodily injury or property damage, such as swimming, skiing, or skateboarding, umbrella insurance can offer additional protection in the event that you’re sued for damages. 

Cover Expenses Not Covered by Your Home or Auto Insurance Policy

Umbrella insurance can also cover certain expenses that aren’t included in your home or auto insurance policy, such as slander, libel, and false arrest. If you’re ever faced with one of these expenses, umbrella insurance can help you pay for them. 

Helps You Save on Home and Auto Insurance

Umbrella insurance can also help you save money on your home and auto insurance premiums. insurers often offer discounts to policyholders who carry umbrella insurance. 

Get Umbrella Insurance Now

At CG Insurance Agency in Williamston, MI, we always recommend umbrella insurance to our clients because it offers so many valuable benefits. If you have any questions about umbrella insurance or any other type of insurance policy, don’t hesitate to contact us today. We’d be more than happy to help you find the right policy for your needs.

What Are Some Common Mistakes People Make With Umbrella Insurance?

Purchasing umbrella insurance is an excellent move if you have significant savings, assets, and income that you want to protect. However, it’s critical that you be careful when purchasing umbrella insurance not to make mistakes that can hurt you financially. Here are some typical mistakes people make with umbrella insurance that every resident of the greater Williamston, MI community, looking to purchase this policy should know. 

Common Mistakes People Make With Umbrella Insurance

1. Purchasing Way Too Much Coverage

What you don’t have can’t be taken from you. This means that even if it’s determined that you are liable for $3 million in damages, you don’t have to worry about losing much if your savings, assets, and income are way below that value. Many people usually make the mistake of purchasing millions of dollars worth of umbrella insurance, yet their net worth is below a million—this way too much coverage. At CG Insurance Agency, we advise that if your net worth is below a million dollars, only take a million dollars in umbrella coverage.

2. Purchasing Way Too Little Coverage

On the other hand, some people purchase way too little umbrella coverage. Let’s say you have $10 million in savings, assets, and income, and you only take a million dollars in umbrella coverage. This is way too little coverage, and it could lead to your investments, savings, and income being used to settle your liability. If you are a homeowner, you cant take the same amount of umbrella coverage as a renter since you have a valuable asset – your home – which can be seized to settle your liability. You need more umbrella coverage than a renter.

3. Overlooking Recreational Assets

When most people purchase umbrella insurance, they want to protect their homes, savings, investments, and other mainstream assets. However, they overlook recreational assets like their boats, motorbikes, and RV. This usually leads them to take way too less umbrella coverage, leaving their recreational assets at risk of being seized.

Contact CG Insurance Agency for umbrella insurance deals in Williamston, MI.

Do I Need Umbrella Insurance?

Think of umbrella insurance as an extra safety net that kicks into gear when your existing liability coverage on your insurance policies is exhausted. In short, an umbrella policy protects your existing assets and future assets from the cost of losing a lawsuit because of a vehicle accident, incident at your home, or any other third party liability claim. Many people assume that you have to be wealthy to need an umbrella policy, but this is not true because, even if you don’t have any assets, your wages could be garnished if you are sued and lose. 

Let’s look at an example. You are in an automobile accident that results in significant injury to another person and damage to a home. In total, the damages that you are responsible for are $500,000. Your auto insurance policy has liability coverage up to $300,000 which means that you need to come up with the extra $200,000. If you have an umbrella policy, then you will be in the clear because it will pick up the tab after your auto insurance runs out. However, without an umbrella policy, you’ll be on the hook to find a way to pay the remaining $200,000.

In addition to covering personal incidents that you are fault for, umbrella coverage is also extended to your dependent children, rental properties, and personal lawsuits arising from slander, libel, defamation of character, or false arrest. Be sure to check with your insurance provider for specific information on what your policy covers.

For more information, schedule a no-obligation consultation with CG Insurance Agency in Williamston, MI where our friendly and knowledgeable team will answer all your questions and customize a policy that best meets your needs. 

Need Umbrella Coverage? Check Out These Common Liabilities

Also referred to as personal liability insurance, umbrella insurance cover is designed to help safeguard your assets and savings. If you’re sued for damages exceeding your boat insurance, homeowner’s insurance, or car insurance liability limits, umbrella insurance can cover what you owe. Unlike excess liability insurance that offers higher limits on your current liability coverage, an umbrella cover offers coverage that isn’t included in your insurance policy, like a false written statement or legal fees if you’re accused of slander.

Umbrella Insurance Coverage Options in Williamston, MI

If you take umbrella insurance from CG Insurance Agency, you and your family members can benefit from defamation, dog bite, and slander. Here’s a detailed overview of the umbrella insurance coverage options.

Accidents Caused By a Teenager

In the United States, motor vehicle accident is the second leading cause of death among teenagers (13 to 19 years). The liability costs caused by your car accident can rise significantly, especially if people with huge income sue for last wages or there are multiple cars involved. By taking umbrella insurance, it can increase your liability protection against such risks.

An Intoxicated Party Attendee

If you host a party in your home, you’re likely to have a guest who drinks too much and drives home intoxicated. If such an individual is involved in an accident, you may have to pay part of their expenses. The driver’s lawyer may argue that you could have taken their key or shouldn’t have overserved them alcohol. When you take umbrella insurance, it can help protect you against such issues.

Dog Bites

If you take your dog for a walk and another dog accidentally spooks him, and they end up in a fight, the other dog owner could be bitten as they try to separate the dogs. In cases where your dog bit first, you could be liable for pain and suffering, lost wages, and medical expenses. These are costs that your homeowner’s insurance cannot cover.

Get Your Umbrella Coverage Today!

As a Williamston, MI resident, you should get umbrella insurance coverage to protect yourself against expenses above your usual insurance policy limits. At CG Insurance Agency, we can help you get umbrella insurance coverage within a short time; contact us today to discuss further.  

The Benefits of Umbrella Insurance

Umbrella insurance is valuable insurance for any business to have. It can be beneficial to the individual policyholder as well, particularly if you have many valuable assets. Umbrella insurance is commonly referred to as excess liability insurance and is, as the name suggests, a type of liability insurance. The CG Insurance Agency serving the area of Williamston, MI would like you to know about three benefits of this type of policy.

Excess Legal Liability

Umbrella insurance is there to protect you from a deluge of liability when your standard liability provisions in your primary policies are exhausted. An umbrella insurance policy is precisely what it sounds like. It is additional or excess liability insurance providing cover over and above your standard policies.

Broader Coverage

An umbrella insurance policy correctly worded could provide broader liability coverage than your underlying policies. It may also cover gaps that your standard commercial liability policies cannot. This is normally accompanied by a self-insured retention amount that is payable before the policy comes into effect.

Peace of Mind

Umbrella insurance may provide greater peace of mind when it comes to liability. One of the best ways to plan for the unexpected is to purchase insurance. It may help prevent enormous financial loss that could destroy your business or your personal life if you are not sufficiently insured. Umbrella insurance on a personal level can apply beyond the liability provisions of your homeowners and automobile policies. And, from a commercial perspective, it can sit above your general liability and employers’ liability policies.

Don’t delay. If you think you are inadequately covered for liability, then contact the people at the CG Insurance agency serving the area of Williamston, MI today and ask them to help you assess your needs and liability coverage.

How does umbrella insurance protect someone in Michigan?

Liability risk is something that people all over the Williamston, MI area need to take seriously. Even people that are careful and diligent run the risk of causing an accident that could lead to a loss. To ensure you are protected against the risk of liability, having insurance is very important. One form of coverage to consider getting is umbrella insurance. This insurance can protect someone here in many ways. 

Protects Against Wider Range of Risks

One of the ways you can be protected with an umbrella insurance plan is that it can protect against a wider range of risks. There are a lot of risks that someone faces that could result in a liability claim. Many of these may not be covered by other insurance plans. With an umbrella plan, you are going to have broad protection that could cover virtually any liability risk.

Protects Against Significant Claims

You should also consider an umbrella insurance plan to protect against more significant claims. If you are a vehicle or property owner, you likely already have insurance plans that offer some liability protection. However, there is a chance that a claim could exceed your policy. If this occurs, the umbrella insurance plan will offer the protection needed to cover claims that are in excess of your other plans. 

If you want to get an umbrella insurance plan when you are in the Williamston, MI area, it would be wise to speak with someone that understands this type of coverage. As there are a lot of options to consider, it would be wise to call the CG Insurance Agency. As you speak with the CG Insurance Agency, you can receive the support that is needed to choose a plan that will properly protect your organization. 

Do You Need Umbrella Insurance In Williamston, MI?

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.

What Is Umbrella Insurance?

When you need liability insurance, it’s common to get too little. With home and auto insurance policies, not much liability is included. Umbrella insurance offers a way to get more of that much-needed coverage. If you’re interested in umbrella coverage, call us at CG Insurance Agency LLC in Williamston, MI.

Your Home Insurance

If you own a home and have home insurance coverage in place, this includes several different coverage types. One of these is the liability insurance you carry in case of an accident or other incident in your home. Standard home insurance comes with very little of this coverage. However, you can get an umbrella policy to increase the amount of liability coverage you have on your house. After the home insurance policy has topped out for an incident, the umbrella coverage begins and pays the overage up to its maximum amount.

Your Auto Insurance

Like your home insurance, this policy comes with limited liability coverage that may not be enough for a serious accident. An umbrella insurance policy also extends extra liability coverage to this type of insurance. It works in the same way, kicking in once the auto policy’s liability coverage has maxed out.

Boosting Both Policies

Umbrella insurance is a great way to add to your liability coverage from both of these policy types. And, it offers a cost-effective way to get that coverage. It costs less to get this policy than it does to raise your liability coverage on both of your other policies.

Talk to an Agent

If you want umbrella insurance to cover you for more liability, contact us at CG Insurance Agency LLC in Williamston, MI.

Is Umbrella Insurance Right for You?

If you already have multiple insurance policies in place, you may think that umbrella insurance is overkill.

Even if you have a car insurance policy in place, 13% of lawsuits are for $1 million or more, and this is not something that standard policies can match. If you drive often, have a lot of assets, or chauffeur people around for ride-sharing, then you are putting yourself at a greater risk of getting into an accident that a typical policy can’t cover. The same goes for your home insurance. If you have pets, especially restricted breeds, or a pool or trampoline, or if you frequently entertain in your home, you could be at risk for a costly lawsuit that your home insurance can’t fully cover.

Those with many assets should consider umbrella insurance in Michigan. The higher your net worth then, the more you can lose in a lawsuit. If you do have a severe accident and significant financial assets, then others have a bigger incentive to sue you for damages. If your liability coverage on your policies is exhausted, then that means other assets can be targeted. Umbrella coverage is usually a good idea to consider if you have over $100,000 in assets. Even if you don’t have this much in assets right now, you need to think about the future since courts can and will consider. For example, if you are a new doctor, then you may not have a high net worth currently, but a liability claim could target any earnings that you are going to get later on. If you anticipate more assets and higher wages, then you should consider an umbrella policy. You want to get enough coverage to cover assets. An agent at CG Insurance Agency LLC in Williamston, MI can help determine how much umbrella coverage you should have based on your assets.

Contact CG Insurance Agency LLC in Williamston, MI to get a quote on umbrella insurance.