What is Excess Liability?
Available in amounts ranging from one to five million dollars, excess liability coverage increases your personal liability limits by adding protection to your current auto, boat or homeowners policies. Also, if something is not covered in your homeowners policy (like libel), and it’s not specifically excluded in the excess liability policy, you’re covered.
Excess liability coverage provides:
•Protection for covered claims by others for personal injury or property damage caused by you, members of your family/household, or hazards on your property for which you are legally liable
•Personal liability coverage for occurrences on or off your premises
•An additional layer of protection above your primary auto policy against auto-related liabilities
•Protection against non-business related personal injury liabilities such as slander, libel, wrongful eviction or false arrest
•Legal defense costs for a covered loss. Lawyer fees and associated court costs are covered
•Worldwide coverage – no matter where you go, with the only exception being situations involving foreign ownership of dwellings or cars
How much is enough?
Obviously, determining how much coverage is right for you is a personal decision. Much depends on the value of the current assets you have to protect. However, there are also other factors to take into consideration.
1) What will the value of your future assets be?
2) Are you involved in activities that put you at greater risk?
3) Do you have teenagers – do they drive?
Your local independent agent can help you determine the coverage amount that works best for you.