A serious liability claim can exceed ordinary home or auto insurance limits, putting savings and other assets at risk. Umbrella insurance provides additional liability protection when underlying auto or homeowners coverage is exhausted. Policyholders should review minimum underlying limits, exclusions, premiums and their exposure to lawsuits.
Coverage and estate decisions depend on household obligations, legal documents and the people who may be affected. Contract provisions and beneficiary arrangements deserve particular attention. An umbrella policy is most useful when its limits and exclusions match the assets and exposures it is meant to protect.
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