Should I have an Umbrella policy?

A Personal Umbrella or Excess Liability policy provides a layer of third-party liability coverage which complements the liability limits that are afforded by common personal lines policies (e.g. Homeowners, Personal Automobile, Landlord/Dwelling Fire, Watercraft). This additional coverage is intended to provide financial protection for policyholders in the event of an unexpected loss/claim which exhausts the liability coverage limit within a primary insurance policy (e.g. a catastrophic automobile accident). Although Personal Umbrella and Excess Liability claims are rare, it is an important coverage to consider, especially for families with young drivers, investment properties, and other heightened liability risks.