I’ve had umbrella insurance for decades. Probably 1 of the most needed policies you will need if something happens. When you buy individual insurance policies, you can vary the limits of liability between each policy. Not true with an umbrella. Every policy must meet the standard limits then the umbrella takes over after that.
When you hear commercials from the ambulance chasers (lawyers) that get $500,000 to millions on a settlement, anything above the policy you are paying for, will come out of your pocket. So if you cause injury and the lawyer sues you for $1M and your insurance policy has a $300k limit, then you are responsible for the remaining $700k.
I wouldn’t leave home without it!
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