This segment will focus on what is a personal liability insurance policy commonly known as an umbrella insurance policy
An umbrella policy is a additional policy that provides supplemental liability coverage above and beyond coverage which may be provided by a homeowner policy or other insurance
In general terms the homeowner insurance policy provides insurance coverage into separate sections
The first section provides first party coverage which provides insurance coverage for the homeowner’s property
The second section provides was called third party coverage which provides insurance coverage for claims which may have been brought against the homeowner and the members of households resulting from bodily injury or property damage to others.
An umbrella policy is effectively a general liability policy providing additional insurance coverage for the insured
Generally an Umbrella policy does not provide coverage to the insured’s own home, car, and/or possessions.
Generally a typical umbrella policy provides coverage limits beginning at $1 million and coverage is typically applied and covers the insured anywhere in the world.
One of the drawbacks to an umbrella policy is that many insurers require that you add additional liability coverages to existing insurance policies.
Some experts recommend getting an umbrella policy if you earn more than $100,000 a year or have more than $1 million in assets.
In general terms, umbrella insurance is not required by law but is recommended for those individuals that may have a lot of assets to protect or have a high chance of being sued.
In general terms, individuals who carry a firearm on a regular basis arguably would fall into this category.
Although the umbrella insurance policy provides additional insurance coverage it generally would only provide insurance coverage for claims of a civil nature and would not provide any insurance coverage for any type of criminal charges which may be brought
So the answer as to whether you need an umbrella insurance policy is a decision that you should make after you have reviewed other possible policies out there such as those policies offered by the Concealed Carry Association
One of the best protections of your second amendment rights is to be an educated, knowledgeable and responsible gun owner
DISCLAIMER: This and other segments posted on this website are offered for educational, informational and discussion purposes only and is not offered as legal advice.