Link To The Article – Personal Umbrella Policy – Should I have One?
If you own or rent a home and have an automobile, you should strongly consider purchasing a Personal Umbrella Policy. These policies start with $1,000,000 worth of coverage. The requirement to purchase is to have qualifying limits on your auto and renters or homeowners policies. The policy pays after the underlying policy limits are fully paid if you are found liable. Typically there is a deductible before the Umbrella pays out.
An umbrella policy, if your driving records are good can start as low as $20 a month. This is a very affordable premium and provides significant protection in case you are found liable for liability or personal injury. A small premium to pay to protect your assets and potential garnishing of your future wages.
If you are not currently protected by an umbrella policy, it is best to speak to an independent insurance broker about properly covering your assets.