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If an unfortunate accident should happen
that is your fault, do you have enough
liability insurance from your current policies to cover your costs for
Since no one can predict how much a judge may award the injured person,
umbrella insurance is not just for the wealthy anymore, but a needed
protection for every policyholder.
A personal liability umbrella insurance
policy can give one added liability
protection without a large added cost. Additional liability insurance is
inexpensive, especially compared to the added coverage one gains.
Furthermore, liability insurance covers
one’s non-business activities anywhere in the world. Having the added
protection of a liability umbrella policy is coverage no one should go
If you are ever sued, your standard
homeowners or auto policy will provide you with some liability coverage,
which pays for judgments against you and your attorney's fees, up to an
amount set in the policy. However, in our litigious society, you may want
to have an extra layer of liability protection. That's what a personal
umbrella liability policy provides. It kicks in when you reach the limit
on the underlying liability coverage in a homeowners, renters, condo or
auto policy. An umbrella policy will also cover you for things such as
libel and slander.
For about $150 to $300 per year you can buy
a $1 million personal umbrella liability policy. The next million will
cost about $75, and $50 for every million after that.
Because the personal umbrella policy goes
into effect after the underlying coverage is exhausted, there are certain
limits that usually must be met in order to purchase this coverage. Most
insurers will want you to have about $250,000 of liability insurance on
your auto policy and $300,000 of liability insurance on your homeowners
policy before selling you an umbrella liability policy for $1 million of