You have taken the time to review your assets with an agent. This is the first and biggest step. What should be included in the discussion, and we highly recommend to all our customers, is an umbrella or “excess liability” policy. This policy is in addition to the “underlying” home, auto or business policy liability limits you are purchasing.
This valuable coverage is often overlooked and underestimated in its importance. Some consumers choose to believe “nothing will happen to me” or “I’ll deal with it when it happens.” The truth is, we live in a litigious society where anyone is at risk of being sued.
Courts can mandate methods to indemnify another party if you lose a lawsuit by means of garnished wages, putting a lien on your home, etc.
An umbrella or excess liability policy is of no use if an incident has occurred and you then try to purchase the excess liability protection. Making it a priority now ensures you will have the protection you need later.