Your standard auto insurance or homeowners insurance will provide you with some liability coverage. If you are sued, those policies will pay up to your policy limits for legal judgments against you, as well as the related attorney's fees.
However, in our litigious society when a lawsuit settlement could very well wipe out your financial assets, you may want the extra protection for your assets that a personal umbrella liability policy provides.
An umbrella policy kicks in when you reach the limit on the underlying liability coverage in an auto, homeowners, renters or co-op / condo policy. It will also cover you for additional types of claims, such as libel and slander.
You can buy a $1 million personal umbrella liability policy for about $150 to $300 per year. The amount you pay decreases for each million dollars of coverage beyond that. Because the personal umbrella policy pays out after the underlying coverage is exhausted, 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 they will sell you an umbrella policy.
Contact us for all of your insurance needs!
Illinois and Wisconsin residents, at R Hobbs Insurance Agency, we can work with you to make sure you've got the coverage you need, while at the same time using all possible credits and discounts to make that coverage affordable. Just give us a call at (847) 680-0888 or send us a note at chris@rhobbsinsurance.com. We want to help you meet your goals, and make sure what's important to you is protected!
Content Source: iii.org