Personal Umbrella Insurance Policies for Illinois Families
A single accident can lead to hundreds of thousands, if not millions, of dollars in property damages and personal injuries. While you have auto and homeowners insurance policies in place, it is not uncommon for the costs associated with an accident to exceed a $250,000 or $500,000 liability limit. That is where personal umbrella insurance comes in.
At Hicks Insurance Group in Mokena, we provide comprehensive insurance policies for families and individuals throughout Illinois. We take great care to constantly review our customers’ policies to ensure that they have the right amount of coverage to meet their risks and needs.
What Does a Personal Umbrella Liability Policy Do?
A coverage we often emphasize is a personal umbrella policy, which you may hear us refer to as PUP. A PUP provides added liability coverage in the event of an accident and personal injury lawsuit, it is sometimes called an excess liability policy. It steps in after you exhaust your liability limits on your auto insurance policy or your home insurance policy.
The three main benefits of a PUP are that it:
- Provides added lawsuit coverage in $1 million increments
- Pays for legal costs associated with lawsuits
- Covers things otherwise excluded from your auto or home policy
This type of policy is essential if you want to protect your personal finances, personal property and home in the event of a lawsuit.
Who Can Benefit From Umbrella Insurance?
In general, anyone who owns a condo or home or drives a car can benefit from having an umbrella insurance policy in place. There are certain families and individuals, however, who absolutely require it to protect their greatest assets:
- Families with young children
- Families with teen drivers
- Older adults who do not want to lose their savings
- Individuals who risk losing everything in the event of a single lawsuit
Call Us for a Free Umbrella Insurance Policy Quote
Do you have a personal umbrella policy? If yes, do you know if the limits you have in place are enough to protect you? If you don’t have a personal
umbrella policy, are you certain you have enough protection in place with your other policies?
Let our team of independent insurance agents take a look at your existing coverage, free of charge. Through this review, we will be able to identify if you have proper coverage, if any gaps currently exist and if you would benefit from updated policies. Then we can seek out free umbrella policy quotes for your review and help you make informed choices on your coverage.