Personal Line Insurance

Today, lawsuits are everywhere. Lawyers are awarding larger amounts of money than ever. Homeowners, auto, and watercraft policies have a limit on liability insurance. If an unfortunate accident should happen that is your fault, do you have enough liability insurance from your current policies to cover your costs for negligence? Since no one can predict how much a judge may award the injured person, umbrella insurance is not just for the wealthy anymore, but a needed protection for every policyholder.
Umbrella insurance
is designed to give one added liability protection above
and beyond the limits on homeowners, auto, and
watercraft personal insurance policies. With an umbrella
policy, depending on the insurance company, one can add
an additional 1-5 million in liability protection. This
protection is designed to “kick-in” when the liability
on other current policies has been exhausted.
Liability insurance is the portion of a homeowners or
auto policy that pays for expenses such as the injured
persons medical bills, rehabilitative therapy, and lost
wages due to the negligence of the at fault person. The
liability portion of an insurance policy also covers a
legal defense representative if the negligence would
happen to land the at fault person in the court room.
After adding up all of the medical expenses for the
injured and the legal fees of the negligent person, the
standard liability in one’s homeowners or auto policy is
often not enough. Almost every state has financial
responsibility laws that will hold drivers accountable
for bodily injury and property damage resulting from car
accidents and the at fault driver could be sued for the
damage. Personal assets from the at fault driver could
be seized resulting from a lawsuit. Similar laws are
also in force for home and watercraft owners.
There
is good news. A personal liability umbrella insurance
policy can give one added liability protection without a
large added cost. Additional liability insurance is
often inexpensive, especially compared to the added
coverage one gains. Furthermore, liability insurance
covers one’s non-business activities anywhere in the
world. Having the added protection of a liability
umbrella policy is coverage no one should go without.