It is very important to have insurance to protect your assets in case you're found liable for someone else's bodily injury, death, or damage to other people's property. An umbrella insurance policy in Illinois is a stand-alone insurance policy that is meant to protect you and your assets above the limits of other insurance policy limits such as auto and homeowner's insurance. NCIB Group Inc. ensures that you are adequately protected by providing additional coverage if you are found liable for causing bodily injury or property damage that is beyond your existing insurance policies.
How does Umbrella insurance work?
For example, if your Chicago, IL auto insurance policy has a liability limit of $300,000 and the cost to cover injuries or damage to property after an accident that you are at fault for is $500,000, your umbrella insurance will cover the remaining $200,000. With an umbrella insurance policy, you can extend your limits beyond what your underlying policies provide as a maximum. You can get liability limits up to the limit you decide on, which is typically between $1 million and $5 million in coverage. An umbrella insurance policy is a great way to protect yourself financially in various situations, for instance, if your dog bites a neighbor, a fire at your condominium spreads to other units, or if an accident occurs at your rental property.
How much does Umbrella Insurance cost?
In general, the cost of an umbrella insurance policy is not that high. The cost of getting umbrella insurance from NCIB Group Inc. in Chicago, IL is based on the number of assets such as homes and vehicles that you need the policy to overlay. In other words, the cost is minimal, and the burden is on the insurance carrier. Remember that if you don't have sufficient insurance coverage, a single accident can render you bankrupt in the world where medical expenses are continually skyrocketing.
To qualify for umbrella insurance, you need to have an insurance policy already in place with an insurance carrier. Stand-alone umbrella insurance policies in Illinois are available for unique situations. To get started with your umbrella insurance quote, contact our team at NCIB Group Inc. to guide you in finding the right umbrella insurance coverage.