My homeowners and auto insurance rep is recommending an umbrella insurance policy (365.00 per year).. Is that necessary or even recommended?
Yes, it definitely is — if you worry about being sued for an amount over the likely $300,000 liability limits of your homeowners policy! You’re a target if people “think you’re rich”. When? Perhaps when your teen has an auto accident that injures someone. Or when someone is severely injured (or claims to be) as a result of an action you took. Umbrella liability insurance covers amounts above the standard policy liability. But when you buy it, take careful note of what it does NOT cover, as well.