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Umbrella insurance provides extra liability coverage beyond what your home or auto insurance policies offer, protecting your assets from large claims or lawsuits.
In Depth
This type of insurance kicks in when the liability limits of your other policies are reached, offering an additional layer of protection. It covers things like injuries to others, damage to their property, and even libel or slander. It's designed to safeguard your assets from major claims that could otherwise wipe out your savings.
Example
If a guest is seriously injured at your home and your homeowner's insurance liability limit is $300,000, an umbrella policy could cover the additional $700,000 if the lawsuit is for $1 million.