According to a recent study a majority of Americans don’t know what’s in their homeowners policy. Does your insurance supplement your auto policy? What is your deductible? Is your insurance replacement value increased along with your home renovations?
Take this opportunity to look long and hard at your policy. Review it before you need to use it! Don’t forget to check out my previous post about umbrella coverage.
Jon Groth is a Wisconsin Personal Injury Attorney handling cases throughout Wisconsin and most recently in Lomira, Twin Lakes, Wauwatosa and Milton.
Here is an insurance tip. Ask your insurance agent about an umbrella policy. An umbrella policy will provide a large sum of liability coverage (oftentimes $1 million or more) over and above your home owners coverage and can be added to your auto insurance coverage.
In Wisconsin, the Court of Appeals has ruled that insurers issuing umbrella policies that are excess over primary automobile liability insurance must provide underinsured motorist coverage. See Nault v. West Bend Mut. Ins. Co., 2007 AP 1670 (released May 20, 2008). So, if you have an umbrella policy ($1 million) and are in an serious auto accident caused by an underinsured motorist (let’s say for example the at fault driver only has insurance coverage totalling $25,000.00) you will be protected by your $1 million policy.
Take advantage of Wisconsin law. Ask your insurance agent about it. Relatively speaking, an umbrella policy tied to your auto insurance policy is inexpensive. It’s the smart choice.