Auto, homeowners, and boat policies provide liability coverage in case you are liable for injury or property damage to others, but only up to the limits specified in each policy. In today’s litigious society, that may not be enough protection.
Umbrella insurance provides an added layer of liability protection on top of the liability coverage that exists in your other policies. The umbrella policy takes over when the liability limits have been reached on any of the underlying policies, thus, the name umbrella insurance.
Personal lines policyholders can usually add $1 million to $5 million in umbrella coverage, however, insurance companies generally require minimum liability limits on all underlying policies before they issue an umbrella policy.
Umbrella insurance tends to be relatively inexpensive for the additional liability protection. Plus, you gain the peace of mind knowing that you are covered in the event of an expensive lawsuit.
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