Mark Kohler explains why umbrella insurance is cheap: it rarely pays out. These policies only kick in after your main coverage maxes out and exclude most situations. It's a useful extra layer, but not a real safety net.
Umbrella insurance. Still, I call it kind of bottom of the barrel because guess why it's so cheap, people? You get what you pay for. So umbrella insurance, when you look and you can get past the first 4 pages on Google, you find out umbrella insurance doesn't pay out very, very often at all. And it's because it only comes into effect after about 30 pages of we're not liable for this, we're not going to pay if this happens. And it's after your regular insurance pays out its maximum amount. It's just an extra barrier. Now, is it Is it bad? No. Do I still buy it? Yes. But people, you cannot hang your hat on this as the get-all end-all. I'll just buy umbrella insurance and I'm done. Hell no.
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