Personal Excess Liability
How can excess liability insurance help protect you?
Excess liability insurance offers higher limits you may need to cover damages for which you or members of your household may be legally responsible.Often called an umbrella policy, excess liability insurance is a critical, but often overlooked component of a personal insurance portfolio. An excess liability policy is triggered when the amount you must pay in a covered lawsuit exceeds the limits of liability under your homeowners, personal automobile or watercraft liability insurance.
What’s your risk?
The risk to your financial security depends on several factors. Do you…
• Own a home?
• Drive a car?
• Have children who drive or are away at school?
• Employ domestic staff, such as a housekeeper or nanny?
• Frequently entertain guests at your home?
• Blog, Tweet, or post comments or photos online?
• Own a swimming pool?
• Serve on a not-for-profit association’s board?
If you answer “yes” to any of these questions, your assets may
not be adequately protected.
How much do you have to lose?
Litigiousness in the United States is growing at an alarming pace, as evidenced by new liabilities and exorbitant jury verdicts that can run in the millions. Even the cost of damages that may appear to be minor at first — such as a fender bender — may actually end up being quite costly over time. The liability coverage provided through your automobile insurance policy is often not enough.
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