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When accidents happen on your property or because of your property, you can be held financially responsible for the consequences. This can happen to anyone. For example, if you were to host a party in your home or apartment and someone was injured on your stairs, then you would suddenly be responsible for their medical bills, emotional damages, and lost wages. How would you pay for it?
Personal umbrella liability insurance provides added protection against sudden financial loss in a situation like this. Accidents will happen, and lawsuits can cost millions. Usual insurance policies-such as your automobile insurance and homeowners' insurance-often don't cover the full amount of your assets. So once you've met your policy limits, then you are responsible for any of the remaining settlement.
Personal umbrella liability insurance provides higher coverage based on the value of your assets. Coverage limits usually start at $1 million and can go higher depending on your needs and qualifications.
To decide if you need personal umbrella liability insurance, you should add up the value of your assets-bank accounts, stocks, bonds, home, available retirement funds, etc-and compare that dollar amount to the coverage offered under your home and auto insurance policies. If the value of your assets is more than the policy limits, then you may need to consider a personal umbrella liability insurance policy.
