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Don't Go Light on LiabilityPersonal injury lawsuits seem to be America's latest craze. As a result, litigation is often the unintended outcome of many common accidents and misunderstandings. Not only are more individuals being sued, but juries are becoming less sympathetic to defendants. Between 1996 and 2002 (the latest year for which data is available), the dollar value of jury awards increased by 112 percent!¹
Umbrella coverage can help protect against claims involving physical injuries as well as libel, slander, defamation of character, and invasion of privacy. In the event of a lawsuit, it can help pay for both legal fees and eligible jury awards. Umbrella policies can be relatively inexpensive and are generally sold in increments of $1 million. When you purchase an umbrella liability policy, the insurance company will typically require that you have the maximum limits on your homeowners and auto insurance policies, which then act as the deductible for the umbrella coverage. Leaving your assets unprotected can be especially risky if you are on a fixed income. Factors that can increase your chances of becoming the target of a liability lawsuit include having substantial wealth, owning pets, having a swimming pool, entertaining large groups of people, and renting a room in your home. If you decide that umbrella liability insurance is not appropriate for you, you may want to think seriously about reducing your risk in other ways. The key to any viable insurance plan is having enough coverage to protect your assets. In today's lawsuit-prone society, obtaining the adequate coverage may be more important than you think. 1) Insurance Information Institute, 2004 |
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In
this type of environment, even the maximum coverage on your homeowners and auto
insurance policies may not be enough to fully protect your assets against a
potential lawsuit. Umbrella liability insurance can provide an extra layer of
protection to safeguard your assets. 
