Anyone who earns more than $100,000 a year should consider getting an umbrella policy of at least $1 million. In doing so, you can be sure to give yourself the added protection that goes beyond what your car or homeowner’s insurance covers.
Even though you might have less than $1 million in assets, the umbrella policy will cover you for up to that amount. And in the event that you’re sued, your policy can cover defense costs — costs that often accumulate quickly.