Q.) What is a personal umbrella liability policy?
Q.) How do I know if I need a personal umbrella liability policy?
Question:
What is a personal umbrella liability policy?
Answer:
A personal umbrella liability policy is designed to increase your liability protection. This single policy acts as an "umbrella" over all of your other personal liability policies - home, auto, boat, RV, etc. This will provide you with a higher personal liability limit than what would otherwise be available. In certain circumstances, an umbrella policy may provide personal liability coverage that is otherwise excluded from your other policies. For example, an umbrella policy provides coverage anywhere in the world, whereas your auto policy usually provides coverage in the US and Canada only.
Question:
How do I know if I need a personal umbrella liability policy?
Answer:
It use to be that the only people who needed personal umbrella liability policies were wealthy individuals who had sizable amounts of personal assets that would be at risk in a lawsuit. However in our very litigious society, anyone can become the subject of a large lawsuit potentially exposing their assets. This has resulted in individuals from all income brackets considering and purchasing more coverage than what can be obtained from their homeowner and/or auto policies.
