Umbrella insurance, or excess liability insurance, provides added protection above and beyond your home and auto policies in case you are held personally liable for bodily injury or property damage.
For example, if you injure someone in an auto accident and the damages exceed your auto policy liability coverage, your Umbrella Policy will kick in and provide additional coverage up to the limit of your policy.
The amount needed to pay awards or settlements for serious injuries can be high. As your income and assets increase, an Umbrella Policy becomes even more vital to a sound financial plan. Umbrella Policies provide a lot of protection for a reasonable price: the annual cost for a policy starts at about $200.