Umbrella Liability coverage – technically called excess liability coverage – provides additional (excess) coverage above and beyond what your auto and homeowners policies protect.
These underlying policies cover all damages up to their limit, THEN the excess liability coverage comes into play. The good news is that this type of coverage is usually inexpensive, due in no small part to the unlikely nature of using it. BUT – just because it is unlikely to be depended on, doesn’t mean it’s not valuable as a risk transfer strategy.
Here are a few pieces of advice while considering an umbrella liability policy:
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