Well surprisingly its not as uncommon as you might think.

Is a personal umbrella policy necessary. Determine if You Need Personal Umbrella Policy. An umbrella policy is a form of personal insurance so it wont protect you from lawsuits related to a business you own. Instead it supplements other liability policies most people already have in place such as auto homeowners or renters insurance.

Since the whole point of umbrella insurance is to protect your assets from a lawsuit it only makes sense to buy it if you have assets to protect. Who gets unlucky enough to have an accident that serious. A personal umbrella policy provides a million dollars coverage or more and is a relatively inexpensive way to protect your assets typically costing less than 25 a month.

Liability and defense costsUmbrella policies can cover what primary insurance excludes andor additional coverage beyond the limits set in your other insuranceUmbrella policies can provide excess liability for auto homeowners boat and renters insurance. Umbrella insurance is a type of personal liability insurance that can be indispensable when you find yourself liable for a claim larger than your homeowners insurance or auto insurance will cover. Its designed to kick in when the liability coverage on those policies has been exhausted.

You want to buy enough umbrella insurance to cover your net worth so the more assets you have the more umbrella insurance you need to. Paul Dixon Is Here to Help. Most people do not need personal umbrella insurance although certain individuals can benefit from it.

If your liability coverage isnt enough to cover the damages of an accident or an incident on your property a personal umbrella insurance policy kicks in when your other liability underlying. Umbrella insurance is an optional insurance policy not required by most state laws like auto and homeowners insurance. Youre most likely to benefit from additional coverage.

A personal umbrella policy is defined as additional liability coverage that goes beyond the limits of your RV watercraft and motorcycle insurance. Our expert staff can help you assess your needs explore your options and find. While the law doesnt require you to obtain a personal umbrella policy it can provide additional protection if youre responsible for a serious accident.