Dollar for dollar an umbrella policy is one of the best personal insurance buys available. It’s an unfortunate fact that accidents happen—and it’s not uncommon for jury awards and out-of-court settlements to run into the millions. While it’s 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?
For example, what if:
Your teenager runs a stop sign, causing a serious accident?
A deliveryman falls on your sidewalk and is seriously injured?
A babysitter is injured by your otherwise friendly dog.
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. 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 over your standard liability policies. It protects your personal assets by kicking in when your standard liability coverage is exhausted.