Thanks to lawyers, lawsuits are far more common today than in any other point in time in history. Believe it or not, a potential burglar could break into your home, be injured while trying to rob from you, and then sue you for damages. This has happened on more than one occasion and while it may seem baffling that any jury would award damages to somebody in that situation, it highlights the fact that you could be sued for almost anything.
That is why you should have some type of personal liability umbrella insurance coverage to protect yourself, your assets, and your family.
If somebody is accidentally injured on your property, or you damage somebody else’s property, you could be sued. Your homeowner’s insurance will likely cover some aspect of personal injuries that occur on your property, but they will have limits.
When you begin looking at the various lawsuits that have been carried out and of which juries have reached verdicts, you begin to see that some of those verdicts are incredibly high dollar figures. For some personal injuries, juries have been awarding plaintiffs millions of dollars in damages.
Your homeowner’s insurance policy may be limited to a certain amount of liability. This goes for your auto insurance policy as well.
Getting a personal liability umbrella insurance policy in place can help to protect you in the event that somebody is injured in your home, by your car, in your car, or in some other way that can be directly blamed on you. This umbrella insurance policy increases the liability limits on your homeowner’s and potentially your auto insurance policy, if that is what you choose to do.
In some cases, you can choose $1 million, $2 million, and other liability limits for an umbrella policy. This umbrella policy would kick into effect (payout) in the event that you are sued and a jury awards damages to the plaintiff in excess of your regular homeowner’s or auto insurance policy.
To find out more about personal liability umbrella insurance coverage, contact a broker at James Campbell Insurance today.