If you buy an umbrella policy, make sure that it includes additional risks (not fewer risks) that are not already covered in the underlying homeowner's and auto policies. In my opinion, if all it does is to increase the liability limits of these policies, you are wasting your money. What good will it do to buy a $3 million umbrella policy and you get sued for $10 million or $50 million? If you get sued, what you really need is a good lawyer. Otherwise, your umbrella policy will just make the plaintiff lawyers richer.
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