We Work With Top Illinois Insurance Companies
The goal of insurance is to protect against catastrophic risks–risks that cause severe monetary damage to you and your family.
Let’s face it…more people go bankrupt because they lack proper liability insurance, than not carrying insurance on their mobile phone.
The ironic thing is…one million dollars in extra liability, in the form of an umbrella policy, can cost about the same. Sometimes even less, after applying multi-policy discounts.
At Weiss Insurance Agencies, as a trusted independent insurance agent in Illinois, we have access to multiple A-Rated insurance companies who write Illinois umbrella insurance, either as an addition onto your home and auto insurance or a separate policy with limits exceeding $10,000,000.
Why not apply for a quote today?
All you have to do is fill complete the quote form above. In as little as 24 hours, you can have a policy which truly protects everything you’ve worked hard for.
The Importance of Illinois Umbrella Insurance
A long time ago, you decided to arrive. You worked hard and got there. As you did, you accumulated possessions. Not an ostentatious amount, but enough to make you and your loved ones comfortable.
You are proud of these accomplishments. In fact, you have protected them with the best insurance you could.
Now you need extra protection, an umbrella insurance policy.
What are your limits on your auto and home liability policies? $300,000? $500,000?
It’s not enough.
You get into an auto accident; someone falls into your pool; whatever the fluke occurrence—you can be sued.
What if you are sued and the award goes to the plaintiff? Okay, you say, the insurance will cover it. But what if the amount is over the policy limits?
How will you pay the judgment? How will you even defend yourself in such a lawsuit? Can you actually lose all you have strived for?
You bet you can.
Personal Umbrella Insurance 101
A personal umbrella, often called personal liability insurance, is insurance for catastrophic events. Coverage begins when your current car insurance or home insurance limits have been exhausted.
For example, say you’re current auto insurance covers you for $300,000 of medical expenses per accident. Unfortunately, you’re at fault for a multi-car accident where total medical bills are $500,000 alone.
Without an umbrella, you’re responsible for the excess damages–in this instance $200,000. If you can’t pay that $200,000 out of pocket you’re at risk of having your wages garnished or handing over your home, stocks, retirement savings, or other large assets to reimburse the other party.
If you had bought a $1,000,000 umbrella it would cover the excess $200,000 that the auto insurance didn’t.
Is $1,000,000 in Personal Umbrella Liability Policy Insurance Really Necessary?
Actually, for those with assets to lose $1,000,000 in excess liability coverage isn’t enough . Beyond paying for damage and medical bills, a personal umbrella policy also provides coverage for:
- Lost income (for the other parties in the accident)
- Pain and suffering
- Cost for a legal team
Those with high value homes, swimming pools, long commutes, dogs who tend to bite, teenage drivers, or have frequent parties are unfortunately at a higher risk of a catastrophic loss. Especially in poor economic times when lawsuits tend to rise.
How Much Does Umbrella Policy Insurance Cost?
$1,000,000 in umbrella insurance costs as little as $30 to $50 a month. The next $1,000,000 is even cheaper.
Since an umbrella policy covers over and above your policy it’s very inexpensive compared to the catastrophic coverage it provides. Often, an increase in your deductible can offset the total cost of an umbrella.
In addition, some companies give you a discount on your home and auto insurance by adding a personal umbrella to your existing policy.
Complete the Protection Savings Form today at the top of this page for a free, no obligation Illinois umbrella insurance quote.