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Personal Liability or Umbrella Insurance

Personal liability insurance is an insurance policy that provides you with additional coverage for your already existing liability insurance policies. In other words, it augments the auto insurance coverage and the homeowners’ insurance coverage that you currently have.

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Who needs to purchase personal liability or umbrella insurance?

If you are at risk of being named in a lawsuit, you need personal liability or umbrella insurance. If you have considerable assets that you want to protect, if you are found liable for someone else’s accident, you will need an umbrella insurance policy. If you own things that are potentially hazardous to other people, it would be an excellent idea to purchase an umbrella insurance policy. Lastly, if there is a real possibility that people will want to sue you for any reason, you need an umbrella insurance policy.

Additional coverage that augments your homeowners’ insurance policy would be something that you should look into if you have a swimming pool in your yard. If you own a dog, this is another good reason. Lastly, if you entertain people at your home a lot, you may need an umbrella policy to augment your homeowners’ insurance policy.

The typical auto insurance policy.

Most states require that you purchase a liability car insurance policy. The purpose is to prove that you can take responsibility for any injuries to humans or damages to property in a car collision that you cause. If you are “liable” for the accident, and the law requires that you pay to repair the damages.

Insurance companies sell liability packages with limits attached. An auto insurance policy has three limits. For example, your state may require that you have car insurance limits equal to 30/60/15.

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The first number corresponds to $30,000, and it is the amount that your car insurance company will pay for one injured person’s medical bills. The second number is $60,000, and it is the maximum amount that the insurance company will pay for the medical bills of every person hurt in the accident. The third number is $15,000, and it is the amount that your insurance company will pay for the other party’s property repair bills.

How an umbrella insurance policy works.

Suppose that you cause a collision with another vehicle that is carrying four people. The authorities determine that you caused the crash and are responsible for paying everybody’s medical and property repair bills. The amount of money that you would be required to pay could easily surpass the amount of your auto insurance coverage. Your insurance company would pay its portion, but the injured parties would be able to sue you for payment of the remainder of the bills.

If you cannot afford to pay everybody’s bills, there is the possibility that you could lose your home. This scenario is what umbrella insurance prevents. An umbrella insurance policy would pay the bills after your auto insurance policy pays its portion. You may be able to obtain an umbrella insurance policy that provides you with extra coverage from $1 million to $5 million.

Requirements for umbrella insurance policies.

Everyone cannot purchase an umbrella insurance policy. The umbrella policy is known as “secondary” insurance. It requires that you have an auto insurance policy and a homeowners’ insurance policy in place before approval for this extra coverage. Different insurance companies will require that you have different amounts of insurance coverage. Still, the typical car insurance policy must be 250/500/100, and the standard homeowners’ insurance policy must have liability coverage of $500,000.

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Common Claims of Umbrella Insurance Policies:

  • Legal Defense Costs: If someone gets hurt on your property and sues you, your umbrella insurance policy will pay a portion of the costs for your legal defense. If the jury decides against you, the money left in the policy will pay the amount that the judge or jury orders you to pay the victims.
  • Teen Drivers: Teen drivers account for approximately 10% of the fatal crashes every year. An umbrella policy increases your coverage against the genuine possibility that your teenager could cause a severe collision.
  • Party Hosts: When you host a party at your house, and someone drives home after drinking too much, the owner of the home is responsible for any injuries that the drunken driver causes. Known as “indirect liability,” and it could be a possibility if you cannot keep your guest from driving. An umbrella policy would protect you in this instance.
  • Dog Bites: If your dog bites another person at your home or while you are on a walk, the injured person could sue you for his or her injuries. You will be required to pay the other person for his lost wages, medical expenses, and pain and suffering, but an umbrella insurance policy would help you cover those costs.

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