Do you have umbrella insurance? Are you aware of what umbrella insurance is? Also known as excess liability coverage, this kind of insurance is liability insurance that protects you and your assets from large law suits.
This is a good idea to have if you have a home or other assets you want to protect. This type of insurance will cover expensive legal fees and any portion of a settlement against you that’s more than your home or auto liability limits. It can also cover other things that wouldn’t be covered by your policy anyway such as slander or false arrest.
What’s a safe amount to have? Well, experts say that you need at least $1 million in coverage depending on your assets. In some cases, you may need to carry anywhere from $5 million to $10 million.