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Personal
Insurance > Umbrella >
Most people consider themselves well protected if they have homeowners
and automobile insurance policies. While the liability coverage
provided by these two policies is normally sufficient, it may not
be enough under unusual circumstances.
For example, suppose you injure someone in a car accident or a guest
slips and falls on your property. Million-dollar lawsuits are not
uncommon. If the injured party decides to sue you for damages and
you are found liable, you could be confronted with a grim financial
future.
The umbrella or excess liability insurance policy provides you with
coverage that goes above and beyond your homeowners and automobile
policies. Umbrella policies usually provide one to two million dollars
in excess limits and broaden liability protection to include situations
that your basic policies frequently do not cover.
Personal umbrella insurance is important, especially if you have
substantial assets to protect. Million-dollar lawsuits can arise
from many different situations. While umbrella policies are similar,
they are not standardized. Review your own situation with your insurance
agent to be sure you have adequate protection.
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