Umbrella Insurance lawsuits
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UPDATED: Sep 25, 2013
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Insurance Question from Myrtle Beach, SC
Asked on 09/25/2013
Umbrella Insurance lawsuits In South Carolina, is umbrella insurance necessary if the homeowner only has IRA assets? In other words, are IRA assets protected from insurance lawsuits?
Answer given on October 08, 2013
In insurance, an “umbrella” policy provides additional liability protection for the insured in the event of a major liability loss. Umbrella coverage is not required, but is additional protection to the insured.The umbrella policy, also known as an excess liability policy provides between 1 million to 10 million or beyond. It provides protection over your personal, or homeowner liability as well as your automobile liability. You are required to have certain liability limits under those policies to qualify for the excess policy. The costs are very reasonable for the protection and peace of mind the coverage can provide.Even if you have assets in an IRA or any other protected account, you can still be sued if you cause a major loss or injury to another party. A lawsuit does not only consider the assets of the insured, but also the monetary or physical loss to the other party. Protected assets do not make one not responsible for negligent activity.
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