It's designed to kick in when the liability coverage on those policies has been exhausted. Instead, it supplements other liability policies most people already have in place, such as auto, homeowners, or renters insurance. Sometimes known as excess liability or personal liability insurance, umbrella insurance doesn't stand alone. That's largely because the financial protection it provides comes into play only under certain-but often vital-circumstances. But beyond the standard auto, homeowners or life insurance policies, you may have overlooked an important and affordable type of insurance: umbrella insurance.
You probably already buy a variety of insurance policies to protect your assets and your loved ones. To determine appropriate levels of coverage, consider the total value of the assets you may wish to protect, the perceived scope of the risks you may face, and the impact of a potential loss of future income.An umbrella liability policy generally takes effect when other forms of insurance (e.g., auto or homeowners) have been exhausted.Umbrella liability coverage protects against the potential financial fallout of certain types of unforeseen events that lead to property damage or injury, for which the policyholder is held responsible.
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