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Do I need umbrella insurance?



 Umbrella Insurance Courtesy of iii.org
If you are ever sued, your regular homeowner or car insurance will give you some liability insurance and pay for judgments against you and your attorney's fees, up to a limit stated and the policy. But in our legal society, you may want an extra layer of liability protection. This is what personal liability insurance provides.

An umbrella policy begins when you reach the limit of the underlying liability coverage of a homeowner, tenant, apartment or car insurance company. It will also cover you for things like libel and slander.

For about $ 1

50 to $ 300 a year, you can buy a $ 1 million personal liability insurance policy. The next million will cost about $ 75, and $ 50 for every million thereafter.

Because the personal umbrella policy takes effect after the underlying coverage is exhausted, there are certain limits that must be met to purchase this coverage. Most insurance companies want you to have approximately $ 250,000 in liability insurance on your car insurance and $ 300,000 in liability insurance on your homeowner before selling an umbrella insurance for $ 1 million in additional coverage.


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