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Lawsuits due to injuries are prevalent and have become a common occurrence, especially in a faltering economy. Juries are awarding larger amounts of money in these cases than ever before. Unfortunately homeowners and automobile policies have a limit on liability insurance coverage. Therefore, should an unfortunate accident happen that a homeowner or insured driver is at fault for they would need to have enough liability insurance from their current policies to cover their costs for negligence. Since no one can properly predict how much a judge or jury may award to the injured person, personal umbrella insurance is the best way to ensure that the incident won't leave that person bankrupt. This coverage is not just for the wealthy, but is a needed protection for basically every policyholder. Umbrella insurance is specifically designed to give an individual added liability protection above and beyond the limits on homeowners, auto, and even watercraft personal insurance policies. Depending on the insurance company, this can add an additional $1-5 million in liability protection. This protection is designed to take over when the coverage on other current policies has been exhausted. Liability insurance is the portion of a homeowners or auto policy that pays for major expenses such as: The liability portion of an insurance policy also covers for a legal defense representative (for the person found at fault) in the event that the negligence results in a court case being filed. After combining all of the medical expenses for the injured (and the legal fees of the negligent person) most standard liability in a homeowners or auto policy is usually not enough to cover the expenses. Nearly every state has financial responsibility laws that will hold drivers accountable for bodily injury and property damage resulting from car accidents, and the driver found to be at fault could be sued for damages. Personal assets could be seized as the result of a lawsuit, and similar laws are also in force for home and watercraft owners. The good news is that a personal liability umbrella insurance policy can give one added protection without experiencing a large additional cost. Additional liability insurance is often inexpensive, especially compared to the added coverage one will gain. Furthermore, liability insurance covers one's non-business activities anywhere in the world. Having the added protection of an umbrella policy is valuable coverage that no one should be without.
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