Financial Planning for Generation X & Y Women
 
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Expert Q&A Archive

09/29/2006
What is an umbrella policy?
What is an umbrella policy?
Anne Delle Donne:
expert info »
It is an insurance policy that will cover you for liability. Think of an umbrella policy just like an umbrella-it protects you from the chance that you will get drenched when it rains-it covers most of your body as well. An umbrella policy will help protect your assets (typically a house or vehicles) from the liability that exists in our society that you will get in an accident or someone will slip and fall on the steps to your house. If they try to "come after you" and sue you for the accident, you have some protection on your cars, or home, but an umbrella policy is designed to increase your protection and provide this protection for you on a much more broad basis-call it "extra liability protection". They are relatively inexpensive to obtain, and will usually start at $1,000,000 of coverage.
 

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