Most people have liability insurance on their home and automobile, but these are usually limited in the amount they will pay. An umbrella policy will cover you for anything that goes over those limits. If you had a major catastrophe, the damages could get into the millions and that could wipe out your savings and leave you in debt. The Bob Korvas Agency Inc. in Niles, IL suggests having an umbrella policy especially if you have a lot of assets to protect.
There are huge judgments awarded against corporations at times. The Liebeck vs. McDonald’s is a famous case where a woman sued and was awarded $2.7 million because she was burned by hot coffee. In 2017 an Alabama man was awarded $7.5 million after taking a bad fall at Walmart. A Pennsylvania man was awarded $4 million after an injury left him blind at a local business. In another case, a student in Pennsylvania was awarded $11 million after a fall left her paralyzed.
Automobile accidents can also get very costly. The most expensive car wreck in history was in 2011 in Japan, where a 14-car pile up caused $3.85 million.
You may never face a lawsuit for that much, but even a judgment of a few hundred thousand dollars would wipe out many people’s life savings. You could get in a car accident and easily have more than the liability your insurance will cover. An umbrella policy would protect you in those cases.
These types of losses are rare so the policy does not cost much. Contact the Bob Korvas Agency Inc. in Niles, IL today to make sure you are covered. Protect yourself and your assets from catastrophic losses. Contact us by phone or online to get more information about umbrella insurance policies.