Whether you are on your personal property or commercial property that you own, there is always a risk for an accident or tragedy where someone has suffered significant damage. They may be hurt to a point where their damages and expenses exceed the liability on your home insurance policy or your commercial insurance policy. At Maverick Insurance, we offer the following umbrella insurance policy to our South Dakota clients.
Since umbrella insurance is a supplemental liability option, it only kicks in when your current liability has been exhausted by a previous case or if it will exceed the current standard limit. Once you have used all of the liability on your typical plan, your umbrella insurance policy will kick in to cover the difference. You may or may not use all of your umbrella insurance, depending on how much you have. If you do not carry an umbrella insurance policy, the judge may order you to sell your assets until you pay the outstanding balance.
When you create your umbrella insurance policy with your agent, you need to ensure that the policy is enough to cover your current assets. Anything that can be sold to cover a debt is considered an asset, and your umbrella insurance allows you to keep all of your property. Any land, homes, vehicles, or recreational vehicles should be the first items included when drafting your policy. Those will be sold first if you do not have the policy. Next is the value of any saving accounts, saving bonds, and the intended salary you plan to have over the next 20 years.
If you live in South Dakota and want to pursue umbrella insurance for your home or business, contact one of our agents at Maverick Insurance today for more information and to get your personalized quote.
