You look outside in the morning, and see ominous dark clouds rolling in. Logically, you think to yourself, I better take my umbrella with me today, or maybe you already have one stored in your car or purse. Chances are, you aren’t scrambling to buy one before you get drenched. Umbrellas are easily affordable, aren’t hard to maintain, and are unbelievably helpful when you need to be covered. Though your umbrella is the last thing on your mind on the days when it’s not raining, you know at some point you will probably need it and you know it’s waiting for you, ready to protect you when the need arises.

Personal umbrella policies are very appropriately named, as they function exactly the same way. So what exactly are they? A personal umbrella policy is simply added liability coverage, over and above the bodily injury liability coverage on your auto policy, and the personal liability portion of your home or renter’s policy. You may feel that the $100,000 per person, $300,000 per accident bodily injury protection on your auto policy is all you need, or that the $300,000 of personal liability coverage on your home seems like a lot of coverage. However, the unfortunate truth is that, especially in today’s increasingly litigious society, those big numbers probably won’t get you very far if you’re sued as a result of a bad car accident or tragedy at home.

Think about some recent developments in warning labels, and the almost daily onslaught of ridiculous lawsuits you can’t believe see the light of a courtroom. In an article titled “Litigious Society Lacks Common Sense,” George Will elaborates, “The warning label on a five-inch fishing lure with a three-pronged hook says, ‘Harmful if swallowed’; the label on a letter opener says, “Safety goggle recommended.’…[Also] a young member of Teach for America was [sued] for $20 million (the school settled for $90,000), because the teacher put a hand on the back of a turbulent seventh-grader to direct him to leave the classroom. Another teacher’s career was ruined by accusations arising from her having positioned a child’s fingers on a flute.” So what do you think would happen if you actually injured or killed children on a school bus by accident?

I always tell clients who feel guilty or foolish after an accident, they aren’t called on-purposes—they are called accidents for a reason. No one means to hit other cars, but it happens hundreds of times in every country, everyday. Will says, “Defensive, and ludicrous, warning labels multiply because aggressiveness proliferates. Lawsuits express the theory that anyone should be able to sue to assert that someone is culpable for even an idiotic action by the plaintiff, such as swallowing a fishing lure.” I’m sure you’ve seen all those lawyers' commercials, and the pervasiveness of these stories and the ever-present faces of attorneys ready to help you sue should tell you that no one is immune to an explosive lawsuit.

You may think that only people with lots of money can be held liable for millions of dollars, and that you don’t have to worry because you aren’t worth millions. On the contrary, your earning potential, kids’ college fund, or retirement are at risk as well as the 27 cents in your pocket. Whether you are 24 years old with an iPod in the car and 40 years of earning potential, 43 years old with teenage drivers and a college fund to worry about, or 60 years old with a pool for the grandkids and their friends and a nest egg you have worked for decades to build, you have assets at risk, and potential for an accident at every corner.

The need for a personal umbrella policy has never been greater, and they are surprisingly affordable! Policies start at $1,000,000 of coverage, and can cost under $200 per year. An umbrella policy functions as additional coverage to your auto and home liability coverages, so you can really build a nice protection factor for pennies on the dollar. Call me so we can talk about getting you the coverage you need, before you’re all wet at midnight trying to find an open store to buy an umbrella.

Have a question for Emily? Email her at emilyh@lymansheets.com, or follow her on Twitter @AgentEmilyHarte, find her on Facebook, and connect with her on LinkedIn.