Should I purchase a personal liability umbrella policy?

You probably should consider purchasing a personal liability umbrella policy with a limit of $1,000,000 or more. Personal umbrella policies will pay beyond your underlying policy limits for personal liability and auto liability exposures. Umbrella policies include coverage for personal injury which covers exposures such as libel, slander, defamation of character, wrongful eviction or malicious prosecution. Most umbrellas provide worldwide coverage and the umbrella policy covers costs of defense in addition to the limit of liability you have selected. The cost for a personal liability umbrella depends on the number of vehicles, drivers, boats, recreational vehicles, etc. A policy with a $1,000,000 limit generally costs between $200 and $400 per year, depending on the exposures. Additional layers of coverage are less expense.