Umbrella – Excess Liability

sisters huggingPersonal Umbrella Liability Basics

Accidents happen–and it’s not uncommon for jury awards and out-of court settlements to run into the millions of dollars–well beyond what most people’s limits are on their homeowners and auto policies. While it is difficult to pinpoint the monetary consequences of the risks you and your family take each day, are you certain your current liability insurance offers you enough protection?

If you are found to be legally responsible for injuring someone or damaging their property, without a personal umbrella liability insurance policy, anything beyond the limits of your standard liability insurance coverage will come out of your own pocket, and it is not uncommon for your future wages to be garnished to cover a claim.  Standard liability insurance generally includes homeowners, renters, auto and watercraft policies.

Like an umbrella that protects you from the rain, a personal umbrella liability policy provides an extra layer of insurance coverage.   It protects your personal assets by kicking in when your standard liability coverage is exhausted.