Recent frivolous lawsuits and crazy settlements got people’s attention when a judge sued a little, family-owned dry cleaners for $65 million because they lost a pair of his pants. NERA Economic Consulting showed a survey determining that small businesses pay an average of 69 percent of civil lawsuit liability expenses, though they generate only 19 percent of business revenues.

You could still face significant loss of assets from damages and court costs in a liability claim even if you aren’t a small business owner or business executive. You can get protection from your renters, homeowners and auto insurance, but each policy has its restraints and your policies might leave you exposed where you least expect it.

Umbrella policies give more, overall coverage past these specific policies. Commonly, amounts go from $1 million to $5 million and usually cover losses more then your other policies. The coverage goes with you where you go because it is not tired to your vehicle or property. Typically, it doesn’t cover business activities, even if the business is operated from your home.

The need for personal liability insurance can depend on two different factors: the amount of equity you have and the risks that are associated with your particular lifestyle. Is there a pool on your property? Allow hunting on your farm or ranch? Have people employed at your home like a nanny or housekeeper? These factors can expose you to risks that go past those policies of a typical homeowner.

Do other factors make you a target for lawsuits? Frivolous claims can even cost you in time and emotional grief. Public knowledge of your assets, recent inheritance, land holdings, income or lottery winnings – or even mistaken assumptions about it – may bring out claims to more elaborate tactics.

Typically, umbrella liability coverage extends to your kids, your spouse and relatives that live in your household, being cared for by you or under the care of a family member living with you. That can be a big reassurance especially if you have teenagers that drive or college students living away from home.

Umbrella liability insurance could protect money you have saved. Your financial counselor or insurance professional will be able to help you examine your coverages and potential risks to decide just big your umbrella should be.

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