Umbrella Insurance in Illinois

Before you decide whether you need umbrella insurance from RetireMax Insurance, located in Orland Park, IL, it’s important to understand the nitty-gritty of this insurance — what it is, what it covers, and what it excludes.

What is umbrella insurance?

Umbrella insurance is an added layer of liability protection for liabilities exceeding your current standard insurance plans. Yes, you might have auto, boat, or home insurance, but some liabilities can be so massive, exhausting your typical liability insurance plans. In such instances, your umbrella insurance might save the day, deterring you from covering the uncovered liabilities out of your pocket.

What does umbrella insurance cover?

Umbrella insurance protects you against the following three broad categories:

Bodily injury liability: Did your pet bite someone? Or perhaps you were involved in a major boat or auto accident? Either way, umbrella insurance can pick from where your current policies limit. Umbrella insurance covers medical costs and legal costs arising from losses caused to third parties.
Property damage liability: If you cause damage to other people’s property, umbrella insurance pays for the damages. This coverage protects your family members as well. If your child causes property damage at school, umbrella insurance can save the day.
Personal liability coverage: Why umbrella insurance is different from other liability coverages because it extends to protect you against claims like false arrest, slander, libel, and malicious prosecution.

Ultimately, while umbrella insurance is advisable for anyone with significant income and assets, it’s also more ideal for individuals who:

Own a swimming pool or a dog
Participate in hunting or skiing activities
Own a business
Coach youth sports
You or your loved one has an online presence

What isn’t covered by umbrella insurance?

Umbrella insurance won’t protect you against everything under the sun. That said, watch out for the below exclusions.

Own injury or damage to own property
Criminal acts
Flood damage
Loss of business income
Lawsuits arising from failure to honor written contracts