A personal umbrella policy acts as last line of liability defense in the event the limits of your underlying policies, (Think Auto, Home, Boat, etc) are used up.
Let’s say you get sued for $1,000,000.
Your homeowners insurance has a limit of $500,000. So after your homeowners insurance pays you still are obligated for an additional $500,000.
If you don’t have an umbrella that payment is on you (Think sell your house, assets, retirment, etc).
If you have an umbrella policy (Standard limit is $1,000,000) the umbrella will come in and provide coverage for the additional $500,000 that you owe.
Watch this video “What does a personal umbrella policy cover?” for more details:
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created by Ryan Hanley