As you near the age of retirement, you need to increase your net worth increases. Umbrella insurance protects you from losses due to liability, libel, and slander. This blog from Com-Co Insurance Agency Inc. looks at why your need for umbrella insurance increases as you near retirement.
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As you near retirement, you become a larger target for lawsuits. Business owners will have put time and effort into building their company. Employees will have contributed to their IRA or another retirement fund, such as an annuity. You could feel comfortable with your future.
Getting sued, for any reason, can wipe out that savings. Your homeowners’ insurance only covers you for liability for about ten percent – or less – than the value of your home. Adding an umbrella insurance policy costs little, and coverage typically starts at a $1 million policy. Without umbrella insurance, once your tiny homeowners’ insurance coverage gets spent, the courts go for your assets — bye-bye retirement fund. The court can garnish your retirement fund to pay the settlement. That upends the comfortable retirement you had planned.
An umbrella policy kicks in as soon as your homeowners’ (or condo or auto) insurance becomes deleted. It pays the settlement, legal fees, and court costs.
An auto accident, home fire or pool drowning at your Mount Prospect IL home can sound far fetched until it happens. Any of those scenarios and many others can cost you more than a million dollars when you get sued. Let Com-Co Insurance Agency Inc. help you protect your Mount Prospect, IL home and retirement savings.