Umbrella Policy Companies in Milwaukee Wisconsin provide additional coverage above and beyond the standard automotive and homeowners insurance. It protects policyholders against lawsuits that could take away their home, vehicles and other assets. Standard policies have maximum amounts, but umbrella policies allow people to buy extra coverage, such as $1 million or $5 million in liability.
Examples
These policies are intended for people who need additional protection for their assets. For instance, a person’s automotive insurance may cover $250,000 for bodily injury if that driver ever causes an accident. But serious accidents can result in astronomical medical expenses. If the injured person’s medical bills total $400,000, his or her personal injury attorney may file suit against the driver who caused the accident to obtain the remaining $150,000.
This extra liability insurance also can protect homeowners and owners of rental property if any visitors are ever seriously injured there. Broken stairs and slippery sidewalks can cause falls that result in fractures, which can be a dire circumstance. An elderly person who falls and suffers a hip fracture may have medical bills far beyond what the standard insurance policy will pay.
Is the Coverage Worth the Cost?
Consumers may wonder whether this type of insurance is worth buying from Umbrella Policy Companies in Milwaukee Wisconsin. What are the odds they’ll ever use it? That’s pretty much the same situation with standard automotive and homeowners policies, though. Policyholders don’t expect to ever use the insurance and certainly hope they will never have to. But sometimes the unexpected happens, and this individual is held liable for another person’s serious injuries.
Exclusions Within the Coverage
There are exclusions with these policies that are important to understanding. They don’t cover the negative results of illegal behavior, for example. If the policyholder seriously injures someone because of driving while intoxicated, that incident may not be covered. Seriously injuring someone with assault and battery also is not covered by these policies.
A representative with an independent agency such as Business Name. can answer any questions someone has about umbrella policies. Click Here for contact details.
