If you are ever sued, your standard homeowners or auto policy will provide you with some liability coverage, paying for judgments against you and your attorney's fees, up to a limit set in the policy. However, in our litigious society, you may want to have extra liability protection. That's what a personal umbrella policy provides.
An umbrella policy kicks in when you reach the limit of liability coverage on your homeowners or auto policy. It will also cover you for such things as libel and slander.
For about $150 to $300 a year, you can but a $1 million personal umbrella policy.
Because the personal umbrella policy comes into play after the underlying limits have been exhausted, there are certain limits that insurers will require on your auto and home policies. Most companies will require avout $250,000 auto liability limits and $300,000 homeowners liability limits to purchase an umbrella policy
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I am also in the dilemma whether to go for this policy or not. But after reading your post I am cleared and is deciding to have this policy. Thanks
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