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Personal Umbrella Insurance policies are excess policies. We all have personal automobiles and homeowners policies and underlying limits on those policies. If a serious accident occurs, and your personal auto liability limits are exhausted and nothing is left, what happens?
It depends. If you don't have any other policies, you can be involved in a lawsuit and your assets such as the equity in your home, savings accounts, etc. can be in jeopardy.
If you have a personal umbrella policy, this gives you an additional $1 million to $5 million in liability to keep that from happening.
What's the cost? It depends on your situation. 2 adults with no youthful operators, 2 cars, and 1 home is approximately $150.00. If you have teenagers driving, or have a lot of "toys", then the premium will be more.