You may have heard the term "umbrella policy" before but are not familiar with what it is or how it works. In a general sense it's an extra layer of home or automotive insurance protection. Say you have an auto policy with a $300,000 liability limit. An umbrella policy would cover any amount you become liable for over that amount, up to a predetermined limit.
An umbrella policy can also be tailored to fill holes in your existing insurance policy. For example, you can find policies to cover acts or events not covered under standard home or auto insurance policies. For example, you can seek coverage for intentional acts, slander or libel.
If you have questions about these issues, you should consult a qualified insurance representative or accident attorney in your area.
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