The world is becoming increasingly more litigious. Injuries and accidents often result in lawsuits that could leave you in serious debt. To avoid having accidents put your financial future at risk, you probably have insurance policies that are designed to offer you some protection against lawsuits.


Homeowners insurance, auto insurance, and boat insurance policies can be helpful when it comes to paying for damages sustained in an accident where you are at fault, but these policies have their limitations. Most insurance policies set coverage limits that cap the amount of money that can be paid out on each claim. Some types of accidents are excluded from coverage under traditional insurance policies.


A personal umbrella policy can give you the peace of mind that comes from knowing you will be protected against costly litigation at all times. Did you know that you can get a liability umbrella policy to protect your family for less than $200 per year? Call us, and we can help you.


1. Bodily Injury

When you purchase an auto insurance policy, your insurance agent will likely explain bodily injury coverage to you. This type of coverage provides financial compensation for any damages sustained by the physical body of another individual.


Auto accidents are typically associated with bodily injury coverage, but a bodily injury could occur at your home as well. If a guest experiences a fall while visiting your property, you could be sued for the resulting physical injuries. Your homeowners insurance policy will not cover these damages, but a personal umbrella policy will.


You should carefully review the bodily injury coverage limits outlined in your auto and homeowners insurance policy. Medical costs can really add up, and a personal umbrella insurance policy will help cover any bodily injury damages that exceed the limits outlined in these insurance policies. This additional coverage can prove extremely valuable in protecting your financial assets should you be sued for a bodily injury claim.


2. Property Damage

Your actions can potentially damage the property of another individual. If you lose focus while driving and hit another vehicle, the resulting damage to the other driver's car would be covered under the property damage provision in your insurance policy.


Unfortunately, you may be held liable for damages that you did not cause. Your children and pets are considered your responsibility, so the cost of repairing any damages they might cause will become your responsibility as well. A pet can damage your neighbor's fence or urinate on a friend's priceless Oriental rug. Your children can vandalize school property or break playground equipment at a public park.


When you have a personal umbrella insurance policy, the property damage caused by your children or pets will be covered. This saves you from the expense of paying for repairs out of your own pocket.


3. Defamation

A variety of avenues are available to you when you want to express your personal opinions. Many people maintain social media pages or blogs where their opinions are written and shared with the world. The ease of online sharing can leave you susceptible to legal action for defamation.


Defamation can be defined as any false (or potentially false) communication that might injure the reputation of an individual, business, or product. Blogs and social media pages can be used to express opinions on recent purchases or to review meals purchased from restaurants. The companies that you mention on your blog or social media page might feel that your comments are injurious and decide to sue you for libel or slander.


A personal umbrella insurance policy can provide you with the financial protection needed to withstand these defamation lawsuits.


A combination of the right insurance policies can maximize your coverage and provide you with significant protection against financial harm. Contact Livings Insurance to discuss how a personal umbrella insurance policy can protect you.