Personal “umbrella” coverage usually not standard among personal lines insurers so what one insurer provides may not be exactly the same as another insurer.
As for how much limit someone should purchase, that would typically depend on what you have at risk, and could loose in the event of a serious accident, as well as the cost, individual risk capacity and risk tolerance.
If someone is dealing with an independent agent/broker have them explain the market, provide options, ask them the tough questions and understand what is covered by the policy. Also, obtain or have the agent/broker provide information on typical personal excess liability and umbrella claims/losses and benchmarks for similarly situated customers.
A large amount of personal insurance coverage is purchased directly from the insurer vs. independent agents. It’s important to understand which provider is being approached, the market, and current trends.
This comment is for general information only as each situation is different. When making important financial decisions consult, financial, legal and other qualified subject matter experts before making a decision.
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