Chances are, if you have primary coverage such as auto and home insurance, you are likely satisfied with the protection they offer. Unfortunately, these will prove insufficient if you encounter significant damage or injuries during your Illinois stay, resulting in your exhaustion. Umbrella insurance fills the gap when this happens, helping you cater for the remaining coverage expenses. Below, Preferred Group Insurance Agency Inc. takes you through areas that umbrella insurance covers.
Property damage liability provides protection when you need to cover 3rd party costs of damage. Instances that could give rise to this include auto accidents and when your guest’s possessions are damaged from accidental harm that you cause. When either of the above happens, umbrella insurance helps you take care of the costs of repairs and replacements.
Umbrella insurance also provides compensation when other parties are injured during accidents you are involved in. Examples of this include auto accidents, pet injuries, and when your guests get bodily harm from falls. Umbrella insurance ensures that treatment costs are taken care of, with examples being prescription costs and examination fees.
This coverage kicks in when you own rentals, and your tenants get bodily harm during their residence. This can be from pet bites or trips and falls caused by poorly maintained property structures.
When you are sued for liability claims such as slander and libel, your underlying coverage may have its limits on such lawsuits or get exhausted while covering the previously stated liabilities. This requires extra coverage, with umbrella insurance coming in handy for this. In addition to this, umbrella coverage will also provide compensation when you are sued for mental anguish, imprisonment, false arrest, and malicious prosecution.
For more information on how umbrella insurance can protect you within Illinois, reach out to Preferred Group Insurance Agency Inc. today. We will break down any queries regarding umbrella coverage and help you get a customized policy.
