Page 18 - Leisure Living Magazine June 2019

Should I Purchase A Personal Umbrella Liability Policy?
By Dan Yanak, Nationwide Insurance, yanakd1@nationwide.com
If you are ever sued, your standard homeown- ers or auto policy will provide you with some lia- bility 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 an extra layer of liability protection. That’s what a personal umbrella liability policy provides. In 2016, half of personal injury liability awards and settlements were $100,000 or more; some 19% were $1 million or more, according to the latest edition of Current Award Trends in Per- sonal Injury.
An umbrella policy kicks in when you reach the limit on the underlying liability coverage in a homeowners, renters, condo or auto policy. It will also cover you for things such as libel and slan- der. Every situation is different but on average for about $150 to $300 per year you can buy a $1 mil-
lion personal umbrella liability policy. The next million will cost about $100 more.
Because the personal umbrella policy goes into effect after the underlying coverage is exhausted, there are certain limits that usually must be met in order to purchase this coverage. Most insurers will want you to have about $300,000 of liability insur- ance on your auto and property policies before an umbrella policy would be eligible to be sold.
Incorporating an umbrella policy is highly recommended due to the valuable protection it provides for a relatively small premium amount. If you haven’t discussed this option with your current agent now is a great time to discuss your options and review your existing policies to avoid any potential coverage gaps.
Dan Yanak of the Yanak Insurance Group represents Na- tionwide Insurance with offices in Amherst, Sandusky, Port Clinton, and Clyde.
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