You should review your insurance coverage with your present insurance agent. If you consult with a financial planner as suggested above, he may be able to give you some suggestions on insurance too. This type of coverage insures over the limits on your automobile and homeowners' insurance. The excess will come out of your assets. An umbrella liability policy will pick up where your homeowners' and automobile insurance stops.
Most umbrella policies come in million dollar increments, but the cost is surprisingly affordable.
Often, for perhaps no more than several hundred dollars, you may be able to obtain an additional million dollars of protection. If you have business or investment interests, your homeowners' and umbrella coverage probably will not cover those risks. If you have a home-based business, check with your insurance agent. Unfortunately for many, health insurance is not affordable or obtainable. The point of mentioning health insurance here is to complete the discussion of what a comprehensive estate plan must address.