Umbrella Liability: Extra Assurance
Think of umbrella liability insurance as a way to fill in the gaps in your home insurance policy - an affordable, simple way to make sure your coverage is complete. This type of insurance is aptly named, since it sits like an umbrella over your existing liability policies, providing extra protection from any events that might try to rain on your parade.
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Umbrella insurance kicks in where your existing homeowner’s liability insurance leaves off. For example, if a neighbor sues you and the settlement is $750,000, but your liability insurance only goes up to $300,000. Without umbrella insurance, you’ll be in trouble. Your possessions, including your future income and any inheritance you are hoping to pass on to your children, can be seized to make up the difference between what you owe and what you can pay. But if you have umbrella insurance, your policy will cover the $450,000 balance.
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Each $1 million of coverage costs about $200-$300 per year. You may need more coverage than you think, as court settlements are issued without regard to how much your assets are worth. The judge doesn’t care that your assets are less than $1 million when he hands down a settlement of $5 million for your negligence. Your policy’s cost is determined by the amount of coverage you want and the particular company providing the coverage.
Don’t think of umbrella liability insurance as a nice extra. The truth is, in today’s litigious society, you can’t afford not to have it.
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