What is an Umbrella and Do I need it?

Think about your net worth; do all of your assets add up to more than your liability coverage on your home policy? If so, you should look into an umbrella policy. Now, what is an umbrella policy? Well, it is just as its name says; it covers you above the liability limits of your other policies. Think of it this way, say you have 500,000 liability coverage on your home policy. However, after looking at your assets, you determine that you need more coverage, so you decide to get a 1,000,000 personal umbrella liability policy. So now, if someone gets hurt on your property and sues you, your insurance company will defend you up to 1,500,000.