Personal insurance covers your home, vehicles, boat, motorcycle, or recreational vehicles against unforeseen life moments, but did you know there are personal insurance policies that further protect you against liability? Wood-Dulohery can help clarify what exactly is an umbrella policy, whether you need one, and how you choose the right policy.
Personal liability insurance, or an "umbrella" policy, covers you when other insurance liability coverage falls short. When, for example, you are involved in an accident, your current insurance policy kicks in to pay for damages to others or medical bills, save your deductible. If that policy doesn't cover everything, then your personal insurance "umbrella" policy comes into play.
For the most part, personal liability insurance covers most things that you are legally liable for that happen in excess of your current auto or homeowner’s policy. This includes the following:
There are some exclusions to this policy that Wood-Dulohery would be glad to talk to you about.
Some of your lifestyle choices affect whether it is a good idea to have an umbrella liability policy. For example, if you own firearms or a pool, it would be a good idea to have the extra protection.
The recommended amount of protection depends on your net worth, your assets, and the coverage your current insurance provides.