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 one of our insurance agents to make sure you have adequate protection.