Umbrella Insurance: Protection for a Rainy Day

Frimark/Keller & Associates Insurance Agency wants to make sure that all of our clients are protected in all sorts of scenarios. We work very hard to make sure that our customers have top of the line insurance policies to cover all aspects of their lives, including their health, their home and car, their businesses and much more. 

In some cases, though, a typical insurance policy isn't enough to cover a claim.

In these situations, you need a little bit of extra insurance, typically in the form of an umbrella insurance policy.

Insurance policies typically have monetary limits.

When you're purchasing an insurance policy, one of the decisions that you must make is the maximum liability protection that the policy will pay out. In some cases, you will be required by your state to have a minimum amount of insurance, though you will sometimes need additional coverage. Your insurance agent can help you set this number and it will most likely fully cover you if you need to make a claim on the policy.

This applies to almost all policies that have liability components, such as auto, renter's, home insurance and many more.

You May Not Have enough coverage for certain scenarios.

Here's a situation to help explain the importance of an umbrella insurance policy:

You're on the road and accidentally run into another driver. You're immediately a little nervous, because he's wearing a tailored suit and drives a rather nice looking car. Since the accident was your fault, you're going to be responsible for all the damage done to his vehicle, as well as his medical bills and even lost wages.

You get his information and come to find out, he's a high-powered CEO. Later a jury orders you to cover his totaled car as well as several months of his lost wages. Your auto insurance policy will help with the damages, but it will max our at a few hundred thousand dollars worth of reimbursement, which isn't nearly enough. If you don't have the extra protection of an umbrella insurance policy, you could end up having to cover the remainder of the settlement on your own, which could be financially devastating.

Umbrella insurance goes above and beyond your other insurance policies.

Having an umbrella insurance policy will help you to ensure that you have that extra added protection above and beyond each of your insurance policies. Getting umbrella insurance is also cheaper than you may think and you can get upwards of a million dollars of extra coverage for qualifying insurance policies. An umbrella policy will typically cover you in many situations including:

  • Expensive car accidents and accidents at your home.
  • Incidents such as slander, libel, invasion of privacy, defamation of character and more. 
  • Attorney's fees and other legal fees in lawsuits (these can be very expensive).
  • Incidents that happen in other countries.
  • Extra liability coverage for your home, car, boat and much more.

If you are interested in learning more about an umbrella insurance policy, all you need to do is call 847-907-4520. You can ask a Frimark/Keller & Associates agent if an umbrella insurance policy is right for you and we will even help to ensure that you get the policy that's right for you. And remember - the small price that you will pay for an umbrella insurance policy will far outweigh the policy's potential benefits.

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We want to protect what matters most to you.

Call us at 847-907-4520 for immediate assistance or get a quote online to find out how we can get you protected.