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Umbrella Insurance

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Uploaded on Feb 16, 2011

An umbrella policy is designed to protect you from almost everything that your homeowner's and auto insurance policies do not, as well as fill in gaps in coverage when the limits of these policies are exhausted.

An umbrella is often referred to as excess liability.

Most insurance companies won't offer you umbrella coverage unless you already have both your homeowner's and auto policies with them. Also, the insurer will require that you maintain a certain level of liability coverage on the homeowner's and auto policies in order to qualify.

The good news is that coverage is cheap. It is possible to obtain 1 million dollars worth of excess liability for just over $ 200 per year.

Without it, your personal assets are vulnerable in any lawsuit or legal action.

The risk of a multi-million dollar lawsuit greatly outweighs the cost of protecting yourself with an umbrella policy.

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