Is it better to have a one million dollar umbrella insurance policy or 2 separate auto and home insurance policies of a million dollars each?

Terry Says:

An “umbrella” policy covers uninsured amounts ABOVE the required basic auto and homeowners insurance policy.  So you MUST have the underlying policy to purchase an “umbrella” policy –And it should cover liabilities that are not fully covered by the underlying policies. Check with your insurance agent to make sure the coverages match up.