Cincinnati Skyline  

Excess Liability Insurance "The Personal Umbrella"

Basic liability insurance is included in most every homeowner, renter, and automobile policy. The amount of coverage can vary, but there is usually some sort of liability protection under the most basic policy. In today's society, with medical costs skyrocketing and people suing for anything and everything, these liability limits can often be exhausted in short order. If an unfortunate accident should happen that is your fault, do you have enough liability insurance from your current policies to cover your costs for negligence? No one can predict how much a judge or jury may award the injured person and you would personally be responsible for the damages above you policy limits. Clearly personal umbrella policies are becoming more common, no longer reserved for only the wealthy. Excess liability insurance is designed to "kick-in" after your primary policy's limits have been exhausted. Coverage can be purchased from $1 million to $5 million dollars over what your underlying policy provides. It often provides coverage for things not covered under the basic policy, and applies to nearly any non-business pursuit anywhere in the world. The good news is an excess liability policy can be purchased for minimal cost, especially compared to the added coverage you receive. Another important part of an umbrella policy is the uninsured/uninsured motorist bodily injury coverage. The same coverage as provided in a personal auto policy, this covers medical expenses as well as pain and suffering if you or a family member are injured by a driver without insurance, or without enough insurance to cover your damages. A $1 million umbrella, for a typical family with a house and two cars can be purchased for around $250 or $300 a year, including uninsured/underinsured bodily injury coverage. If you do not currently have an excess liability or umbrella policy, we urge you to contact us today. The possible benefits clearly outweigh the minimal cost.