Do I need umbrella insurance coverage?
To figure out if you need to buy an umbrella insurance policy, here are some questions to ask:
If someone were to sue you and your underlying auto, home, renters, or boat insurance didn’t cover the complete amount for which you are liable, are there assets you would fear losing?
In the same scenario, would you be able to afford court costs? What about your legal defense?
Are you particularly at risk for being sued?
Umbrella insurance is not necessary for everyone. But if you are worried about losing certain assets or fear that you could be the target of potential lawsuits, an umbrella policy could be right for you.