Umbrella liability insurance is “A type of liability insurance available to individuals and companies protecting them against claims above and beyond the amount covered by their primary policies or for claims not currently covered” according to investorwords.com.
According to the estate planning blog these types of policies “typically add an additional one to five million dollars in liability protection designed to come into force when the liability on other current policies has been exhausted” and can “cost around $300 to $400 annually for a million dollars of coverage.”
Some reasons for a person to purchase an umbrella policy could be “anyone worried about getting sued, who has a swimming pool, who has teenage drivers or who owns rental properties.”
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