Are you protecting assets? Maybe you are wondering how you could lose them. An event as simple as a court case where you are required to pay out damage costs that exceed your financial ability. After this happens, the next thing to go is your assets. At Mid-America Insurance Agency, we provide an insurance policy that will protect the things you have worked hard to own in Illinois.
What is Umbrella Insurance?
Umbrella insurance is additional liability coverage that you need when your current liability threshold is exhausted through multiple claims or is not enough to cover the monies owed on a case. This insurance policy is designed to attach to a home or commercial insurance policy. This policy cannot stand alone as its own and must be used after other liability insurance options have been exhausted.
What Should I Include in My Policy?
Whatever the total amount of your asset value is, you should include that much as a minimum in your umbrella insurance. This consists of any properties or homes that you may own. It also includes the value of any vehicles, recreational vehicles, and watercraft that could be sold and used to cover the outstanding debt. Without the cash needed to cover the difference, these assets can be sold for less than market value until the agreed-upon amount is repaid.
Another amount to cover in your umbrella insurance policy is your current salary multiplied by the remaining years you have until retirement. In some cases, future payments are required by the court, and you will need a policy that can cover these costs, as well. Since they can only make figures off of your current income, that amount should be added to the total value of your assets.
Get Leading Protection Today
At Mid-America Insurance Agency, we want our customers in Illinois to maintain the life they have worked hard for with the purchase of umbrella insurance. Contact us today to get more information and a personal policy quote.