Consumers are often surprised by circumstances that can lead to their personal liability exposure, as well as the extent of that exposure, says Elyse Foster, a financial planner with Harbor Wealth Management, in Boulder, Colorado. Many assume their home or auto insurance would be enough to cover their expenses if accidents happen or they get sued. “You really need to be prepared”, she says. “People often think, ‘I don’t have enough money. No one’s going to come after me.’ But they will, and they do.”
See the full Kiplinger article published January 28, 2020 to find out more about umbrella policies and ensure you have enough liability coverage.