What Would You Do If........
-A visitor fell down the steps at your home?
-Kids were playing in your yard and got bit by your dog?
What would happen to your family?
In today litigious society, you're more than likely get sued! Did you know, the average personal injury jury in 2006 awarded $301,000 for vehicular liability cases and $547,000 for premises liability.
These numbers might not sound very high, but consider them in light of the limits of your auto and homeowners insurance policies.
Liability coverage limits of $300,000 for auto policies and $500,000 for homeowner policies are the most common, and please note, that both of these limits are less than the average PI awarded.
Fortunately, an umbrella liability insurance policy can help close this gap, usually for a reasonable cost.
An umbrella policy takes effect in the event that the limits of your primary insurance policies are used up. So, if you are ever found liable for an award greater than the limits on their primary policies, the umbrella policy can help pay the difference.
Umbrella policies typically charge a few hundred dollars a year for $1 million of coverage. They usually include coverage for liabilities excluded on standard auto, renters, and homeowners policies, such as libel, slander, invasion of privacy, defamation of character, and other personal injuries.
The appropriate amount of coverage for your situation will depend on your personal situation and it is always best to speak with an advisor to find out exactly how much coverage you need.
You also want to consider your exposure to risk. If you have teenagers who drive (AHHH), if you own a pool or a dog, or if you entertain frequently in your home, you may have an increased risk of being the target of a personal liability lawsuit.
For more information, or a FREE needs analysis, give us a call!