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Having a rainy day? Get a personal 'umbrella'

Thursday, February 21, 2008

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 you add up lawyer's fees and settlements or jury awards. If you have assets, such as cars or a home, you should consider a personal liability umbrella policy.

What is an umbrella?

A personal liability umbrella policy is designed to give you extra liability protection. If 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 you are ever sued because of an accidental injury to someone else or damage to their 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 homeowners' 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. This is where the umbrella could help you out by giving you extra protection. A personal liability umbrella can also be applied to your auto coverage.

Why an

umbrella?

A personal liability umbrella policy can give you a lot of coverage -- about $1 million worth -- for a small premium.

It can protect your assets when you need it the most and can bring you piece of mind knowing that you have it around.

To see if this is a policy that can be beneficial to you, talk to your insurance agent.