Personal Umbrella Insurance in Chicago, IL
When it comes to protecting your financial future, standard insurance policies may not always be enough. That’s where umbrella insurance comes in. This often-overlooked coverage offers an extra layer of liability protection, stepping in when the limits of your existing policies are exceeded. Whether you’re a homeowner, a business owner or simply someone with valuable assets to protect, umbrella insurance can offer support in an unpredictable world.
Is Umbrella Insurance a Wise Choice? 
Umbrella insurance kicks in when your existing policies, such as auto or homeowners insurance, reach their coverage limits. If you’re held responsible for damages that exceed your primary policy’s limits, umbrella insurance can help cover the remaining costs. This type of coverage is especially valuable for individuals with significant assets, offering protection from potential financial loss due to lawsuits or large claims. It also typically covers situations not included in standard policies, such as false arrest, libel, slander or invasion of privacy.
Given these advantages, umbrella insurance can be a wise investment, particularly for those with considerable assets or a higher risk of legal exposure.
What Does Umbrella Insurance Cost?
The cost of umbrella insurance depends on several factors; understanding them can help you estimate your premium. Coverage usually starts at $1 million, with options to increase limits as needed. Naturally, higher coverage amounts come with higher premiums. Insurers assess your personal risk profile, which may include factors like property ownership, certain dog breeds, swimming pools or young drivers in your household. Additionally, your underlying insurance policies (like auto or homeowners) must meet certain minimum coverage levels before an umbrella policy can be added.
Learn More
Whether you’re exploring personal or commercial umbrella insurance, need liability protection or want to understand pricing, our team is here to help. Contact Salvador Insurance Agency today for a tailored quote and advice on whether umbrella insurance is right for you.