[QUOTE=mtdjed;2306695]
Quote:
Originally Posted by JGVillages
Is this possibly the same as an Umbrella Policy which covers excess needed liability.[/QUO
Yes, commonly called Umbrella Policy. Normally pick up liability beyond what is selected on your house, cars, boats etc. They usually specify the base level required on your policies for home, auto etc and allow you to select the added liability you want to cover.
i.e. If you were judged to be responsible for $500,000 and had a auto policy covering $300,000. They would cover the balance. Without the coverage, you would have to cover the excess from your own assets. You select the top level of coverage.
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I don't have an umbrella policy, but I do have $500,000 liability on my homeowners insurance and $1,000,000 on my auto insurance. Before buying another umbrella policy, I would suggest shopping around to find insurance companies that will sell you higher coverages than other companies. For example, my auto insurance is with State Farm, but when I was shopping, I found that many companies, like GEICO, will max out your liability coverage at $250K. You will save money by using a company that will sell you high liability limits, and avoid an umbrella policy. To me, auto insurance liability is way more important than homeowners insurance liability.