Do I need umbrella insurance?

Do I need umbrella insurance?

Sam Friedman (Editor-in-Chief, National Underwriter, Property & Casualty Edition) gives expert video advice on: Do I need umbrella insurance? and more...

I think anyone who owns their own home, or their own boat, or even their own car could benefit by umbrella insurance. This is a very litigious society; people sue on the drop of a hat; a seemingly innocent accident could turn into a substantial insurance loss, even if it's just involved with getting a lawyer to defend yourself. That can be very costly. Your umbrella liability policy could help pay for your legal bills if you're being sued for one reason or another. So, I would think that especially if you own your own property, it's very important to have umbrella liability because if you exhaust your coverage under your existing policies, whether it's auto, homeowners, or watercraft, people will still come after you and you're still responsible for the loss – might eat into your personal assets if you don't have that umbrella protection.