Umbrella Liability

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WHAT IS AN UMBRELLA POLICY?  Simply put, an umbrella policy is a liability extension that picks up if a liability claim exceeds the $500,000 coverage provided by your auto or home insurance.

WHY ARE YOU RECOMMENDING THIS?  Should you have the misfortune of being found negligent as a result of an accident, your auto and home policies only provide $500,000 of coverage. Damages awarded above this amount become your personal responsibility. Medical bills, rehabilitation costs, lost wages, and pain and suffering can add up quickly today and easily exceed $500,000. You work hard to build your family's assets and I don't want to see that hard work end up paying someone else's bills.

I'M A CAREFUL DRIVER AND A GOOD PERSON - WHY DO I NEED THIS?  Unfortunately you don't have to be wrong to be legally negligent. Our agency has had several instances where our client did absolutely nothing wrong but a death occurred as a result of an unfortunate accident and damages in excess of $1 million were paid as compensation to the victim's family.

HOW MUCH DOES THIS COST?  Generally, $1 million of protection is less than $250 per year. Actual rates are available by request.

ARE THERE ANY ADDITIONAL BENEFITS?  In addition to covering damages, your insurance policy also provides for the cost of legal defense. The cost of legal defense is in addition to the policy limits and is paid as long as your policy limits have not been exhausted. Should you be sued for a legitimate or frivolous reason, your insurance company will pay to have an attorney defend you at no cost to you until the claim is settled. As attorney fees can reach $400 an hour, adding an umbrella policy to your insurance protection plan is a great value to extend your legal defense shield.

WHAT IS THE UNINSURED/UNDERINSURED MOTORIST EXTENSION BENEFIT?  In addition to liability protection, you can extend the uninsured/underinsured motorist coverage that is provided by your automobile insurance policy. Uninsured/underinsured motorist coverage protects you, your spouse, your children, and any other resident relatives that live in your home if they are injured in an auto accident as a driver, passenger, bicyclist, or pedestrian and the responsible party does not have insurance or does not carry sufficient insurance to cover your medical bills, rehabilitation, disability, lost wages, or pain and suffering. As Illinois only requires drivers to carry $25,000 worth of bodily injury insurance, there is limited protection provided for you if you're hurt. Your auto policy provides $500,000 of coverage. The umbrella policy can extend this protection to $1.5 million.