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Personal Excess Liability Coverage Check Up

Insurance

Do you have a dog? A teenage driver? Rental property? 

If the answers to any of these questions is yes, you should look into the amount of personal excess liability coverage you carry. Your homeowners policy typically provides some level of coverage but that level may not be sufficient if you have certain “exposures” like: 

· Owning a swimming pool
· Owning a boat
· Having teenage drivers
· Having a dog
· Employing household help
· Owning rental property


In these cases, and if you have a substantial net worth, you should also carry an Umbrella policy. The Umbrella policy rides on top of your homeowners policy and provides additional personal liability protection. These policies generally start at $1M and can go as high as $100M. Most commonly, policies are written for amounts between $1M and $10M. A $1M policy can be as inexpensive as a few hundred dollars per year and a $5M policy often costs just $500-$600. 

For this relatively small premium, the policyholder has protection for themselves and family members is they are sued for such things as bodily injury to others, libel and slander, and property damage to others. If you have substantial assets that you wouldn’t want to lose in a lawsuit, umbrella policies are a must.