Umbrella Insurance in Michigan
What Is an Umbrella Insurance Policy?
Umbrella insurance is additional liability insurance. The liability portion of an insurance policy is the coverage you use if you are sued for damages to other people or property. For example, the liability portion of auto insurance covers an at-fault car accident. Umbrella insurance is designed to protect you from major lawsuits or claims, and it will supplement the liability coverage that is provided by your auto, home, or other insurance policy.
If you are sued for injuries because of an accident for $750,000 and your auto insurance only covers liability up to $500,000, then you would be on the hook for the extra $250,000 without umbrella insurance. Umbrella insurance is designed to protect your assets, which include savings, your home, cars, retirement accounts, investments, and future income from any financial ruin due to an unforeseen accident. Umbrella insurance can only be purchased when you already have policies in place and can’t be bought on its own. However, it is usually cheaper to purchase umbrella insurance than it is to increase limits on your home and auto insurance. Umbrella insurance is not only used as an additional liability but also provides protection against libel or slander against you.
Why You Should Have an Umbrella Policy in Michigan
Anyone can benefit from an umbrella policy in Michigan, but there are some instances where it’s even more critical. If your total assets are higher than your liability limits, then your assets will be up for grabs if you are sued. If you are financially responsible for a young driver, then remember that if your child is sued, it’s your responsibility. If you have a high-profile career, host guests at your property, or have a swimming pool, you can be at a higher risk for accidents and being sued. An agent at Great Michigan Insurance in Marshall, MI can help you find the right limits to protect yourself.
Contact Great Michigan Insurance, serving Marshall, MI, to get a quote on umbrella insurance.