Umbrella Insurance In Michigan
While each of your insurance policies comes with liability coverage, there is a ceiling limit that exists either per instance or per year, depending on how it is written. When you get an insurance policy from Partners Insurance Agency LLC, you have the option to supplement it with umbrella insurance and give yourself maximum protection.
When Can I Use Umbrella Insurance?
Your umbrella insurance policy goes into effect when you have exhausted your standard liability limit on your primary policy. This could be from multiple cases during that year, or the fee that you are found responsible for can be larger than that policy amount. Those who do not have umbrella insurance find themselves financially responsible and have to sell assets to cover these costs.
What Assets Are Protected?
When you generate your umbrella insurance policy, it is essential that you take into account all of the assets you have that can be sold and used to pay down debt. That will include the following:
- Personal property
- Commercial Property
- Homes
- Cars and vehicles
- Recreational Property
- Business Property
Other assets that are not physical can also be used in a case. This includes savings accounts, future income, and stocks that you may currently own. Any of these items can be used to cover the costs needed without umbrella insurance.
Building Your Insurance Policy
When you work with an agent regarding your umbrella insurance policy, you need to make sure that your policy is large enough to cover these assets' value. Otherwise, you could find yourself having to sell off items and property that impact your family and your employees if you are a business owner.
If you would like more information and live in either Florida, South Carolina, Michigan, Indiana, Ohio, or Pennsylvania, give our agents a call today.
