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Here in Chicago we always have this crazy weather. One day it's hot and your dripping sweat the next day you need a jacket its 20 degrees. Now when you hear umbrella you  think of an umbrella that protects you from the rain outside. Right? Well you don’t want to get wet that’s why you have that protection. So think of this umbrella policy in a similar  way. Say you have a car insurance policy and you hit  another vehicle and get sued. For example they decided to sue you for 10,000 but you insurance company will only cover 6,000. Now you would need to come up with the money or they will start taking items from you to sell. Anything in value that is in your name the government can take till the rest of the debt is cleared up. But if you have the umbrella policy then you will not need to worry about paying anything out of pocket or them touching your assets. Your assets include your car, home, checking and savings account, future income. Do you want them to just dig out the additional money without your say so? Now say you did have the umbrella policy and they sued you, well now you don’t have to worry about anyone touching your assets or you having to pay out of pocket for the remaining amount that the insurance policy will not cover.  You are covered up to a million dollars with the umbrella policy or you can have two million. The umbrella policy covers rental properties, dog bites, auto, home, lawsuits, and in some cases floods. Where can you go wrong with this? The premium for a million dollar coverage ranges between 150-200 premium for a year. You can’t beat that price for additional coverage. So as you can see it is most definitely worth having this additional coverage for a low amount to help cover expenses and help prevent out of pocket expenses as well. Some people agree with having it and some don’t it depends on the person and how much coverage they want and believe that they need.

By Marcella Berent
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