In addition to reviewing and updating your insurance program regularly, you can avoid possible gaps by purchasing a personal umbrella policy. Once a policy used only by the wealthy, personal umbrellas are now becoming a solution for anyone who needs extra liability coverage. This need is quite common, since we are living in the age of million-dollar lawsuits. A personal umbrella broadens the liability coverage that you already have through your homeowners and auto insurance policies, as well as protects you in some odd, unforeseen circumstances.
Most umbrella policies provide at least one millions dollars in excess liability protection.
An umbrella can also cover many situations that your current policies may not. It can protect you from foreign risk exposures while traveling because umbrella protection is usually applicable worldwide. It can cover watercraft not used more than 30 days per year, watercraft in storage, and non-owned recreational vehicles. Umbrella Exclusions Keep in mind that there are situations the umbrella does not cover. For instance, umbrellas usually do not apply to uninsured motorists, or to business and professional activities and property.