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Personal Umbrella Liability Basics

February 23rd, 2015 Posted in Financial News

shutterstock_163491665It’s an unfortunate fact that accidents happen – and it’s not uncommon for jury awards and out-of-court settlements to run into the millions. While it’s difficult to pinpoint the monetary consequences of the risks you and your family take each day, are you certain your current liability insurance offers you enough protection?

If you are found to be legally responsible for injuring someone or damaging their property without a personal umbrella liability insurance policy, anything beyond the limits of your standard liability insurance coverage will come out of your pocket. Standard liability insurance generally includes homeowners, renters, auto and watercraft policies.

So, how much coverage does one need? You’ll want to take into consideration not only your personal assets but also your potential personal risks. The amount of excess liability coverage that is right for you depends on your personal financial situation. Lawsuits may evolve into much more costly disputes than originally anticipated. Your assets could be targeted if you do not have adequate liability coverage for legal damages. To determine an appropriate limit, work with your insurance agent to review all your assets such as your house, other properties, automobiles, personal belongings and valuable collections, 401(k) investments, and college funds for your children.

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