Violent temper need liability insurance?

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I'm wondering as a parent how to protect myself and family if our son causes a severe incident involving a 3rd party. He has a temper and so far hasn't hurt anyone but has come close. What if the chair he throws at school does hit another child, the child is severely injured and the parents sue? The schools insurance would cover something but not protect us personally. Do we need extra homeowners insurance? Thoughts?

First off, you would want to cover about 2 times your net worth (or the value of your assets if you have a lot of liabilities). Your homeowners policy should cover you (although I think in a setting such as school, the school would be sued to and 9 out of 10 times, it would be settled by the insurance companies).

The best way to go about this is to use your homeowners insurance up to the minimum required to get the umbrella policy (most of the time, that will be between $300,000 and $500,000 per incident). After that, you would get an umbrella policy up to the 2 times.

I say 2x assets because most of the time, unless obvious negligence can be proven, lawyers will not sue for more knowing that the odds are great that they will not collect.

Guess I need to make some phone calls and figure out additional coverage. Thanks!