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A personal umbrella for a rainy day

There are so many “rainy days” that people can experience – a sick child, a broken-down car, a late mortgage payment.But what about a lawsuit? These days more and more lawsuits are being filed, not just against big corporations, but also against people like you and me. Litigation can be expensive when adding up lawyer’s fees and settlements or jury awards. If you have assets, such as cars or a home, consider a personal liability umbrella policy.What is an umbrella?A personal liability umbrella policy is designed to give extra liability protection. It can include coverage for various situations, such as false arrest, false imprisonment, wrongful detention, libel, slander, defamation of character or invasion of privacy.This policy can be beneficial, especially if one is sued because of an accidental injury to someone or damage to another person’s property.For example, if a visitor tripped and fell down your stairs, your homeowners insurance would cover his or her doctor bills.But, if the person went a step further and decided to sue you; would your homeowner’s policy provide enough coverage? If a jury awarded damages that exceeded your coverage limits, you could be in jeopardy of losing your home or other assets.Another example for those who are active in little league sports as a coach or 4-H as a sponsor parent, there are situations that arise from a child being injured while under your care or custody. In such an event as being hit by a baseball or being kicked by a show animal, parents may likely sue due to perceived negligence of care. This is where the umbrella could help by providing extra protection. A personal liability umbrella can also be applied to auto coverage, so if your teenage driver has an accident and someone is severely injured or dies, you have the added protection in the event of a lawsuit against you.Why an umbrella?A personal liability umbrella policy can provide a lot of coverage – about $1 million – for a small premium.It can protect your assets when you need it the most and can bring piece of mind knowing you have it. Remember, a personal umbrella is not just to cover you from a lawsuit judgment, but also covers the attorney fees in your defense.To see if this is a policy that can be beneficial to you, talk to your insurance agent.

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