What is an umbrella insurance policy?

This question is about Umbrella Insurance

Dmitriy Fomichenko, President, Sense Financial

@dfomichenko 07/08/15 This answer was first published on 07/08/15. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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Umbrella insurance is extra liability insurance, which offers additional liability coverage that is not covered by your homeowners, auto, and boat insurance policies. It can also cover claims that may be excluded by other liability policies. Usually, you must meet a certain limit in order to purchase an umbrella insurance policy. This is because the umbrella policy goes into effect after you exhaust the underlying coverage of your other insurance policy.

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