Umbrella Policies and Wisconsin Wrongful Death Law


Wisconsin Wrongful Death Law

The Wisconsin Wrongful Death Law protects Wisconsin citizens’ families in the event of a death of their spouse or child resulting from an accident caused by someone else. It is Wisconsin Statute §895.04 which is entitled “Plaintiff in wrongful death action.” To see the statute click here.

The law is important to you, not only in case of a wrongful death to you or one of your family members, but also in the case that you were to cause a wrongful death due to an automobile, home, or a business accident.  Section (4) states the following: Judgment for damages for pecuniary injury from wrongful death may be awarded to any person entitled to bring a wrongful death action.  Additional damages not to exceed $500,000 per occurrence in the case of a deceased minor, or $350,000 per occurrence in the case of a deceased adult, for loss of society and companionship may be awarded to the spouse, children or parents of the deceased, or to the siblings of the deceased, if the siblings were minors at the time of the death. So what does this have to do with your insurance? Well let me explain.

What are the liability limits your homeowners or car insurance? $150,000? $250,000? $300,000? What if the unimaginable happens and you cause a wrongful death? If your liability coverage is only $250,000, and the judge says that you need to pay the other family $750,000, you have to pay $500,000 out of pocket! Talk about being in debt for the remainder of your life! Your house, car, investments, retirement accounts, your normal checking and savings accounts, as well as future incomes are all considered assets. So now you’re asking, “How do I protect myself then?” Well, this is where an Umbrella Policy comes into play.

Umbrella Policies

Umbrella Policies provides additional liability coverage above the limits of your homeowners, auto, renters, and business policies. It can protect you from Wisconsin wrongful death, bodily injury liability, and property damage liability claims. It also provides coverage that helps cover legal fees, false arrest, libel, and slander.

Umbrella policies “kick in” once the liability limits on your basic policies are exhausted. People that choose to buy a policy are those that don’t want to be ruined financially by one misstep or unforeseen accident.

Umbrella policies are affordable.  A basic policy costs less than $150-200 per year, and can really give you peace of mind! You can increase coverage limits as you see fit. There are a number of factors that go into the cost of your umbrella policy, just like your basic insurance policies. Your agent will help find you one that you can afford.

Give your agent a call today and ask about the umbrella policies we have available!