Thursday, April 17, 2014

What is an umbrella policy?

What is an umbrella policy?

 
Everyone knows that your home and auto insurance policies come with liability coverage. But what if you are faced with a lawsuit that exceeds the amount of your coverage? That is where an umbrella policy comes in.
 
For between $200-$300/year (typically), you can add an additional $1M in coverage on top of your home, auto, rental property, or boat insurance to protect against catastrophic losses. In the insurance world, there is no better bang for your buck than an umbrella policy.