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Liability Insurance Liability coverage protects you from lawsuits brought against you for events such as someone falling in your front yard or your pet turtle "Bruiser" biting the mailman. Personal injury lawsuits have increased dramatically in recent years, making this type of coverage essential to sound risk management. A policy that protects our assets against lawsuits is sometimes referred to as an umbrella policy. In addition to the liability insurance in your homeowners and automobile policies, an umbrella policy provides liability coverage that starts where your other coverage leaves off. Because this coverage takes effect only above certain limits of your casualty insurance, it is important that your auto and homeowners insurance protects you fully below these limits. In fact, most umbrella policies will require a specific minimum in liability coverage on your auto and home insurance policies. Another requirement of most umbrella policies, is that your auto, home, and liability policies all be held by the same insurance company. This means that is very important that you shop for competitive rates for these policies as a package deal, not individually. < PREVIOUS NEXT> #38599