Umbrella policy
The umbrella policy is an excess liability policy, that is it is used after your auto and homeowners liability is exhausted. It also covers the cost of your defense if your sued for amount that is above the auto or home liabilities. Your assets can be taken, but it's not just your assets they can go after, they can also attach your income. The 100/300 liability that some people have is very outdated. A lot of insurance companies have a minimum of 250/500 before you can get a personal liability policy.
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