Property & Casualty Insurance/additional liability insurance
My homeowner's policy
covers: $500,000 personal liability
$500 for damage to the property of others
$1,000 medical payments to others ($1000 for each person)
I have now received a notice that for an additional $190, the policy would protect my assets in the event of a claim relating to an auto or home accident for which I can be sued, and would pay up to $1,000,000 in the event of a jury verdict/insurance settlement, in addition to any legal fees incurred for my defense.
What do you think? Do I need this extra coverage?
Sorry about the delay in getting back to you. I was vacationing out of the country, and forgot to put on my away message in All-Experts!
Sounds like you are referring to a policy known as an 'Umbrella' policy. My opinion, is if you can afford the $190/Year, you should DEFINITELY get the extra $1,000,000 of coverage. Think of what lawsuits go for from auto accident injuries. Hundreds and hundreds of thousands of dollars. The $190/year would be money well spent. I personally have one of these policies, and for more than just $1,000,000.
Happy to answer any additional questions you may have on this.
James R. Berliner, CPCU