Why You Need an Umbrella Policy
Adding extra liability coverage to your auto and homeowners insurance policies can protect your finances from expensive lawsuits. 

We have homeowners and auto insurance with $300,000 in liability coverage, but someone suggested that we get a $1-million personal-liability umbrella policy. Why would we need this much coverage? 

"Umbrella insurance can help cover the legal fees to defend you from claims of personal injury and property damage that may arise due to accidents" says Attorney Mindy Yocum, Yocum Law Office in Cardington, Ohio. 

She recommends that everyone have at least a $1-million umbrella policy to provide liability coverage beyond the limits of their auto and homeowners insurance policies -- even if they have less than $1 million in assets. That's because "Lawsuits are incredibly expensive, even if you are on the winning side! In example, a standard rate for a personal injury lawyer might range from $150 to $400 per hour. Since a trial can take approximately of 50 or 60 hours, if not more, legal fees can get very high, very quickly. Umbrella insurance can lso pay for the legal fees to defend you against false arrest and claims of libel, slander and defamation of character, something not traditionally covered by standard auto or homeowners’ insurance."

Yocum recommends getting more than $1 million in umbrella coverage even if you earn less than $100,000 per year or have less than $1 million in assets. Our clients get liability insurance limits that are at least as much as their net worth or what they could be held liable for, she say. 

The price varies by risk, but someone with one house and two cars would generally pay about $200 a year for the first $1 million in umbrella coverage and another $100 for the next $1 million.

Umbrella policies are inexpensive because they kick in only after you have exhausted your liability coverage under your auto or homeowners policy. Most insurers first require you to have $300,000 or $500,000 in liability coverage on your car and home. For example, if you have $500,000 in liability insurance on your auto policy and a $1-million umbrella policy, you'll have a total of $1.5 million in liability coverage. 

Ask Us how to purchase your Umbrella Coverage's. 

Mindy Yocum

Yocum Law Office

Our Locations

Crawford County 

727 W Church St Galion 419-718-0445

Marion County

131 E Water St Prospect, Ohio 740-494-9448​

Morrow County 

114 W Main St Cardington, Ohio 419-718-4033