One moment can change life forever. No one plans to have an accident or to become the victim of a lawsuit.  But every year more and more people are facing the disruption and financial upheaval of litigation. Today most financial planners advise purchasing a Personal Umbrella or Excess Liability policy, to extend protection beyond any other insurance. An umbrella policy protects your home, your savings, even your future income if a legal settlement calls for more than your homeowner’s or other policy can pay.

A personal umbrella policy may be a good choice for you if you:

  • Have teen drivers in your home
  • Have guests in your home regularly
  • Are a board member for a non-profit
  • Are a member of an HOA
  • Do a lot of traveling, particularly overseas travel

Your protection amount is up to you.  After considering all the extenuating factors, you can pick either a $1 million or $2 million limit. A personal umbrella plan broadens your personal coverage to reach worldwide.  It covers equipment, like jet skis and snowmobiles, borrowed from an uninsured person.  In some situations it even covers legal defense costs for lawsuits that have no grounds or aren’t covered by your primary policies.