You have homeowner's insurance for your house and auto insurance for your car. But give me 60 seconds and I'll explain why umbrella coverage is the most valuable policy that you probably don't have right now.Let's face it, sometimes life happens and you need more coverage than your policy can handle.
You don't need me to explain why life insurance is not the answer here.
Enter the most undervalued - and under-rated - form of personal insurance -- the umbrella policy. It basically protects you in the event of significant claims and lawsuits -It gives you liability protection above the limits of your major policies and remember this is the U.S.A.You can be sued by anyone, for anything, at any time.
Umbrella policies cover claims that are often excluded by liability insurance policies.Think about things like false arrest, libel, slander - even liability coverage on real estate investment properties in your name.
And the cost for this insurance is not terrible - Normally, umbrella insurance costs between $15 and $25 a month for $1 million to $2 million in coverage.So depending on your lifestyle, that extra coverage could come in handy -- particularly because we are such a darn litigious society.
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