Umbrella insurance sits on top of your primary coverage like homeowners or auto insurance, extending liability limits by $1-3 million. A $1 million umbrella policy costs only a few hundred dollars a year and covers verdicts that exceed your primary limit, protecting your home, vehicles, and business from creditor claims.
If you're interested in asset protection from lawsuits and your creditors for your home, your vehicles, your business, your first line of defense is your insurance. You get primary coverage on all those things, and then you look into getting an umbrella policy that will sit on top of and augment your primary coverage. So for instance, let's say you've got $500,000 of primary coverage, then you get an umbrella policy to sit on top of that for possibly $1 million, $2 million, maybe $3 million depending on the situation. Umbrella policy coverage is the cheapest form of asset protection that exists. You can get $1 million worth of coverage for a few hundred dollars a year. If someone were to get a verdict against you for above your primary coverage, then your umbrella policy would cover from that point up. So if you had $500,000 in primary coverage and you got a million-dollar verdict against you, your primary coverage would cover $500,000 of that verdict, then your
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