Insurance isn’t just about protecting property—it’s about protecting the people you care about. Liability coverage is designed to step in if someone is injured or their property is damaged and you’re held legally responsible. These situations can happen quickly, whether it’s a serious auto accident or an injury on your property.
Medical costs, legal fees, and lawsuit settlements can add up fast, and basic liability limits on auto or homeowners policies may not go far in today’s world. Once those limits are used up, the responsibility doesn’t disappear—your personal savings, future earnings, and assets can all be at risk. Increasing liability limits and adding an umbrella policy can help close that gap.
A personal liability umbrella policy adds an extra layer of protection above your home and auto insurance. For example, if you’re involved in a major auto accident and found liable for $750,000 in damages but your auto policy only provides $300,000, an umbrella policy can cover the remaining $450,000. Or if a guest is seriously injured on your property and the settlement exceeds your homeowners liability limit, the umbrella steps in once that limit is exhausted.
What surprises many people is how affordable this protection really is. In many cases, you can secure $1 million in additional liability coverage for around $300–$500 per year. For the level of financial protection it provides, an umbrella policy is often one of the best values in personal insurance.
Stay Tuned For Other Great Reads In This Month’s Newsletter
- Why Your Basic Homeowners Coverage May Not Be Enough
- Life Insurance: It’s Not for You—It’s for the People You Love
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