Umbrella Liability Insurance
While your home or commercial insurance policy may come with liability coverage, sometimes, that policy is not enough to cover expenses that you may find yourself responsible for in a lawsuit. Without additional coverage, you will have to pay off your debt by liquidating assets, selling them to meet the required amount. At Marvin Sledge Insurance Agency, Inc., we offer our clients in Chicago, IL and throughout the state the option to supplement their home or commercial insurance with an umbrella insurance policy for their protection.
What Is Umbrella Insurance?
This policy is an extended liability coverage option that is supplemented to a standard policy. You cannot purchase this policy on its own. Also, your umbrella insurance comes into play when you have exhausted your liability coverage for these policies and have no other option. At that point, you can make a claim against your insurance and protect your acquired assets.
What Is An Asset?
Whether you are a business owner, homeowner, or both, an asset refers to items and property that you own and can be sold to cover the cost of debt. This includes property, homes, structures, recreational vehicles, motorcycles, and automobiles. Also, your savings accounts and any additional financial accounts you may have are considered viable assets.
How Much Insurance Do I Need?
Whatever the current value of your assets is at this time added together should be the bare minimum of your policy. Since future income has the potential to be used in these cases for extended payments and future responsibilities, you will also need to take your current salary and multiply it by the years you have left of retirement. Add that amount to the minimum value of your asset value to get the most appropriate coverage.
Get Your Policy Today
There is no time to waste when it comes to protecting your assets. Whether you live in Chicago, IL, or a nearby Illinois town, our agents at Marvin Sledge Insurance Agency, Inc. are ready to help you get started.