MAIN Your Money Insurance Liability Insurance

Most people rely on their homeowners or auto insurance for the bulk of liability protection, but for even greater peace of mind some consumers will opt for a separate liability policy.

As American society becomes more litigious, an extra layer of protection against lawsuits is sometimes referred to as "excess liability" which covers your personal assets in the event that you are held liable for an accident or property damage.

The growing likelihood of being get sued, combined with the trend for higher jury awards has led many consumers to look into purchasing the extra protection a liability policy provides.

Depending on the amount of a potential lawsuit, adequate liability insurance will prevent you from having to sell off your personal assets to pay the extra amounts in damages, or to fend off law firms who may come after your savings or even your future earnings.

The extra protection also covers instances that your regular liability coverage does not - including libel, slander, claims by one member of the household against another, or a disease you may pass on to someone, among others.

Of course, the amount of liability protection depends on financial circumstances, but estimated costs are relatively low since most insureres are betting you'll never need to file a claim. So $1 million personal umbrella liabilty policy will range from $150 to $300 per year.

Umbrella liability coverage doesn't kick in until your homeowners or auto insurance is spent,

Before you can qualify for additional coverage, most insurers will require that you have about $250,000 of liability coverage on your auto insurance policy and $300,000 of liability insurance on your homeowners policy before they issue you an excess liability policy

On the Web, find out more on the topic with expert tips and advice, FAQs, story articles and fact sheets about protecting your assets to the utmost with personal umbrella liability coverage ...

ABA Public Education - Liability Insurance : Who needs an umbrella policy? - Tips and advice from the American Bar Association.

Umbrella Liability Insurance - Informational and easy-to-read fact sheet on the subject covering the benefits of liability insurance and it insures against, plus details on what's not covered under basic homeowners and auto policies.

Personal umbrella liability policy provides safety net - Archived 2005 feature from the Baltimore Sun with facts, information and interviews on the growing trend toward big payout lawsuits and how to protect your personal property

Personal Umbrella Liability FAQ - Brief overview including factors to consider when opting for extra protection.

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