You have worked hard to get to where you are in life. Imagine it all being taken away in an instant. As unfair as it may seem, countless people have seen their homes sold, accounts liquidated, and wages garnished as the target of lawsuits. If you were found liable for someone else’s loss or injuries, would you be protected?
Umbrella insurance is a broad liability protection designed to cover a wide range of risk exposures and supplement the existing liability limits on your other insurance policies. When the cost of your legal fees and judgments stack higher than the liability coverage on your home, auto, or other insurance policies, umbrella insurance can help fill in the gaps. Often, those gaps are a lot bigger than expected. When someone is severely hurt or killed in an accident, the liable party could be sued for millions of dollars.
Take, for example, a successful physician who has insured her personal vehicle with high limits of liability coverage. She hydroplaned into another car late one night, causing severe injuries and a life-long disability to a passenger in the other vehicle. The victim is forced to quit his job, putting him out of work indefinitely. A court rules in favor of the victim for a judgment of $2 million for medical bills, pain and suffering, and lost wages. Unfortunately, the high limits on the driver’s insurance policy only cover $500,000, leaving $1.5 million for the driver to pay out of pocket. The physician is forced to sell her high-end home, liquidate her equity accounts, and contribute a portion of her income toward the judgment for years to come.
Purchasing Umbrella Insurance in Wisconsin
Umbrella insurance is one of the most inexpensive investments you can make in yourself and your future. It is one of the most efficient ways of preserving your wealth and shielding your assets – regardless of how much money you make or how much cash is in the bank. It never hurts to have a backup plan. In fact, umbrella insurance could be the very safeguard that sustains you through what would otherwise be a life-changing circumstance.
At Stauffer-Klug Insurance, we know insurance is not glamorous. It is, however, essential. That is why we do all the work for you, working to evaluate your risk exposure and determine how much umbrella protection you need to protect everything you have worked so hard to build. From your home and business to your retirement and college funds, don’t put it at risk when umbrella coverage can be your defense.
Umbrella insurance is for everyone who has saved a substantial amount of money and assets, generates a regular income, or will generate greater income in the future. It can help cover liability expenses stemming from:
- Accidents in your home
- Recreational vehicle accidents
- International travel incidents
- Dog bites
- Accusations of slander or libel
- And much more!
Whether you enjoy hosting parties at your home, let the neighbors borrow your boat, or wreck an RV you rented for vacation, umbrella insurance provides a solid foundation you can stand on.
For more information about umbrella insurance in the Jefferson area, contact our office to request your free, no obligation quote. We will explain your coverage options and help you determine how much liability protection you need to have peace of mind.