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You may see your swimming pool and luxury automobile as creature comforts, but should you find yourself in court as the result of an accident, a jury could see these items quite differently. In fact, in about half of tort trials concluded in U.S. district courts during 2002–2003, a judge or jury found for the plaintiff. (1)
If you live in a wealthy neighborhood, own multiple homes, or entertain at your own home, you may be at greater risk for a liability lawsuit. Experts often recommend that you have liability coverage at least equal to your net worth. Unfortunately, home–owners and automobile insurance policies are often limited in the amount of protection they offer — usually between $300,000 and $500,000. Don't Get Soaked Umbrella liability insurance offers an extra layer of protection above and beyond the coverage you have under your homeowners and auto liability insurance policies. Umbrella insurance is usually sold in $1 million increments and can be fairly inexpensive, as little as $200 to $300 a year. Insurers normally require that you have homeowners and auto liability insurance coverage at least equal to the amount of your umbrella insurance deductible, because umbrella insurance is designed to kick in after other policies are exhausted. Umbrella liability policies also cover a wide range of things not covered by a typical homeowners or automobile insurance policy, such as libel, slander, invasion of privacy, and defamation of character. With its low cost relative to the amount of additional coverage, umbrella liability insurance may be a critical component of your risk–management strategy. Call today to discuss adding an extra layer of protection for your assets. 1) Bureau of Justice Statistics, 2007 (2002–2003 statistics, the most recent figures available)
Shelter from the Storm
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