The biggest financial loss most of us
could face would be the multi-million dollar lawsuit. It's not unusual to hear of $2 million, $10
million and even $20 million liability judgments against
individuals. If you don't have enough liability coverage to
resolve a claim or a lawsuit, the person bringing the action
might go after your home or your other assets to pay for
damage. If the day comes when you're served with legal papers,
it's imperative that you have insurance to cover your legal
liability.
Personal Umbrella Insurance is designed to
protect you against a catastrophic lawsuit or judgment. Umbrella
policies supplement the liability coverage you already have
through your home, auto and boat insurance and provide an extra
layer of protection.
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When you buy a personal liability umbrella, you're getting
more than just higher liability limits. You're also buying
broader coverage in case you're sued. Your liability coverage
pays for lawyer fees and defense costs, which can quickly add
up.
The personal injury protection under umbrella policy offers
coverage not found in your auto and homeowners policy. Personal
injury includes false arrest, false imprisonment, malicious
prosecution, defamation, invasion of privacy, wrongful entry, or
eviction. Most primary policies cover bodily injury and property
damage, but not personal injury.
One of the greatest things about Personal
Umbrella is that you get so much coverage for your money.
Coverage start at $1 million, but you can go as high as $5
million. The total annual premium for a $1 million umbrella is
very affordable.Dollar for dollar, the umbrella policy
may be one of your best insurance buys.
Umbrella liability insurance can be
purchased as a separate policy. However, insurers require that
you have underlying basic liability coverage (homeowners/renters
insurance, auto insurance, or both) before you can purchase an
umbrella liability policy.
Even if you buy the top-of-the-line
personal liability umbrella policy, you can't protect yourself
against every possible claim or lawsuit. There will be
exclusions in the umbrella policy, just as there are exclusions
in every insurance policy. Typically, the umbrella won't cover
claims arising out of a business endeavor. If you own a business
— even a small one — you'll need to buy a business insurance
policy to be covered against liability claims. If the court
assesses punitive damages against you, those damages won't be
paid by your umbrella insurance. Also, as a general rule, the
umbrella policy won't cover intentional acts.
Deciding the right amount of liability
coverage is not an exact science. A common approach or general
rule of thumb is to add up all your assets. Whatever that figure
turns out to be is an approximate minimum amount of needed
liability protection.
