Insurance

Umbrella Insurance in New Berlin, Wisconsin

The Value of Umbrella Insurance in New Berlin

When you take out home or car insurance in New Berlin you want it to cover everything. However, even if you take additional liability protection you might not have enough coverage in some cases. Insurance coverage is a good way to make sure you have the right coverage for your needs, and it can make the difference between a positive and negative outcome when disaster strikes. Here is a good example.

Sam and Jennifer had a lovely home and two late model vehicles. Jennifer drove a new car and Sam’s pickup truck was only three years old. Their house was worth well over $100,000 and they had two children. When it was time for insurance, Sam was smart. He used an independent insurance agent to get him customized coverage and his agent was able to save him a lot of money over the years on premiums.

One day Sam’s agent called him to talk about liability insurance and Sam believed he had all he needed. However, the agent reminded Sam that you never know when unusual events can occur, and this can result in major lawsuits. Sam listened to his agent because he trusted him and the thought of umbrella liability insurance was appealing, especially when he found out how inexpensive one million dollars of coverage would be. Sam decided to take the coverage and thanked his agent for contacting him.

A couple of years later, Jennifer was involved in an unusual auto accident. One evening she was on her way home from a doctor visit when freezing rain hit most of Eastern Wisconsin. The streets became extremely slick within a few minutes time and Jennifer could not stop as she approached a traffic light. In fact, she was involved in a 4 car accident which included a limousine, a doctor, and a mini bus full of passengers.

Jennifer and Sam had $300,000 worth of auto liability coverage but the claims on the accident were significant since there were several injuries. In fact, the total was $415,000. When Sam called his insurance agent, he told Sam not to worry, because he had excess liability insurance from his umbrella policy, and it would take care of the difference. Sam was so glad he had a great insurance agent and the right coverage.

What is Umbrella Insurance?

An umbrella policy is designed to cover you for many things including auto and home insurance. It will cover amounts over your limits up to the policy amount. It can also cover issues like slander and libel.

Who Needs Umbrella Liability Insurance?

Do you feel you need extra liability protection? Are you in the upper income levels and do you own a luxury home or luxury car? Actually, anyone (no matter what your income) wishing to buy inexpensive liability protection, should consider one of these policies.

How Much Excess Liability Insurance Do I Need?

Your liability coverage needs will depend on your financial situation and the amount of auto and home insurance you have. A good rule of thumb is to add up all of your assets and future earnings, and this will give you a good estimate. However, many people opt for one million and some choose two million dollars in coverage.

Are There Options for My Umbrella Policy?

Your insurer may have certain limitations in place. For example, in order to take out a million dollars in coverage you may need to have at least $250,000 liability protection for you home and auto. For example, if you only have the minimal auto liability coverage of $50,000, you may need to increase this coverage before you can qualify. However, this depends on the insurance company rules for umbrella insurance.

Finding Your Next Source for Your Umbrella Policy in New Berlin

When you shop for extra liability protection, it makes sense to go with an independent insurance agent from American Advantage – Petersen Group in New Berlin, Wisconsin for many reasons. For example:

Your independent agent does business with many companies, and some may have different options than others. For instance, if you are required to carry a minimum amount of home and car insurance, that amount may vary considerably from one company to another, and you can go with a company that fits your needs.

Independent agents are not tied to one company and they often know about special programs that many people are unaware of. They can offer you a number of discounts on your insurance policies.

An independent agent has your needs in mind. He or she is there to comparison shop for you and help you when you need to file a claim.

Why take chances with your livelihood when excess liability insurance is so inexpensive? Call American Advantage – Petersen Group in New Berlin, Wisconsin at 262-432-0789 for information on insurance. If you would like to receive a “no obligation” free quote on insurance, fill out the quote form and we’ll get back to you.