 INSURANCE RAA |
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| Should I purchase an umbrella liability policy? |
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If you are ever sued, your standard homeowners or auto policy will provide you with some liability coverage, paying for judgements against you and your attorney's fees, up to a limit 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. An umbrella policy kicks in when you reach the limit on the underlying liability coverage in a homeowners, renters, condo or auto policy. It 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 additional coverage. Article by: Insurance Information Institute Tags: builders risk liability umbrella insurance policy umbrella liability insurance umbrella insurance definition of liability insurance liability policy definition liability liability insurance workers compensation liability umbrella cover event liability policy excess liability policy contractors liability policy risk management liability pollution liability policy comprehensive liability policy liability forms liability coverage certificate of liability business policy marine liability insurance policy commercial liability risk management policy property liability liability clause liability risk liability form business liability small business liability construction liability personal liability liability clauses liability terms third party liability general liability liability loss claim liability professional liability insurance company liability environmental policy legal liability liability claims indemnity liability liability insurance brokers policy risk liability policies companies policy liability damage umbrella liability policy personal liability umbrella policy umbrella liability policies umbrella liability insurance policy |
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