Week 50 Day 5: Umbrella Insurance: Cheap Protection Against Catastrophic Lawsuits

Your car and homeowners insurance have liability limits -- typically $300,000 to $500,000. If you cause a serious car accident or someone is severely injured on your property, damages can exceed $1 mi...

Your car and homeowners insurance have liability limits -- typically $300,000 to $500,000. If you cause a serious car accident or someone is severely injured on your property, damages can exceed $1 million. An umbrella policy extends your liability coverage to $1-$5 million for approximately $150-$300 per year. For anyone with significant assets to protect, it is the best insurance bargain available.