UMBRELLA INSURANCE
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If you are ever sued, your standard homeowners, renters or auto policy provides you with some liability coverage, paying for judgments 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.

A Personal Umbrella policy is a liability insurance policy that kicks in when you reach the limit on your underlying liability coverage in a homeowners, renters, condo or auto policy. It will also cover you for things such as libel and slander.

Personal Umbrella policies are usually sold in increments of $1 Million dollars coverage. The cost for a $1 Million dollar policy usually runs about $100.00 a year. This is a lot of protection for a very small price. Each additional Million dollars in coverage usually costs about $50-$75 more per year.

Because the personal umbrella policy goes into effect after the underlying coverage is exhausted, the underlying auto, renters or homeowner’s policy must usually have a minimum liability limit. Often this limit is $500,000 on auto insurance and $300,000 on homeowners or renters insurance.

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