Personal Umbrella Insurance for Extra Liability Protection
Liability insurance covers you when you or your family members are the cause of the bodily injury or property damage to others. We look to Homeowners and Auto policies for that coverage; however, the maximum limits of Liability coverage provided by those policies may not be enough protection in today’s litigious society, where million-dollar judgments have become the rule. This is where the Personal Umbrella Liability Policy comes in.
Why Buy a Personal Umbrella Liability Policy?
- You would be covered in the event that a judgment against you exceeds your Homeowners or Auto insurance limits.
- You would have protection for damages in the case of libel and other situations specifically excluded by your Homeowners and Auto insurance.
- Your assets, which could be sold because of an uncovered judgment, would be protected.
- Your earnings, which could be garnished because of an uncovered judgment, would be protected.
Personal Umbrella Liability Coverages
Coverage includes the following:
- Personal injury or property damage caused by you or members of your family, including hazards on your property for which you are liable.
- Personal liability coverage for incidents that occur on or off your premises.
- Additional protection limits above your Auto policy against auto-related liabilities.
- Protection against non-business related personal injury liabilities including slander, libel, wrongful eviction or false arrest.
- Coverage for the legal defense costs of a covered loss.
- Protection worldwide—you receive coverage no matter where you go. The only exception is for situations involving foreign ownership of dwellings or cars.
How Much Personal Umbrella Coverage Do You Need?
Questions you should ask yourself when considering your coverage needs:
- What are your current earnings, and how much do you expect your earnings to rise?
- What is the value of your current assets?
- What will the value of your future assets be?
- Are you involved in activities that put you at greater risk?
- Are your children teenaged? Do they drive?
Your Moody agent will help you determine the coverage amount that works best for you.
This description of coverage is not an insurance contract. Your policy is the contract that specifies and fully describes your coverage. Conditions and exclusions will apply. Not all coverage described is available in all states.