An Umbrella policy provides liability coverage beyond the limits of your auto and and homeowner's insurance. ?An Umbrella policy kicks-in once you have exhausted the liability coverage under your home or auto policy. ?For example; if you have a homeowner's policy with a $300,000 limit of liability and a $1,000,000 umbrella policy, you would have a total of $1.3 million in liability coverage. ?Why would you need so much coverage you ask? ?Even if your net worth is less than $1,000,000, in the event of a claim resulting in a lawsuit you could be ordered to pay based on your current assets as well as future earnings. An umbrella can also cover your defense costs.
Parents of youthful or inexperienced operators may want to consider purchasing an Umbrella policy. ?Have an inexperienced driver in your household can substantially increase your liability exposure. ?As a parent and policyholder you can be held liable for injuries or property damages caused by your teenage driver. ?It's important to have adequate coverage for a serious accident.
An Umbrella policy can be an inexpensive way to cover your assets. ?The cost of an Umbrella policy can vary per risk, however someone who owns one home and two cars might pay an average of $150 for a $1,000,000 Umbrella policy. ?Additional limits of $2,000,000 and up are available with most carriers for an additional premium of approximately another $100 per million. ?If you break the annual premium down $12.50 per month seems like a small price to pay for an additional $1,000,000 worth of liability coverage.
Source: http://marsinsurance.blogspot.com/2013/01/why-do-you-need-umbrella-policy.html
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