Should renters get an umbrella policy?

Low cost, big benefits
5 of 7
Low cost, big benefits

Given the advantages of umbrella coverage, which include shielding you from claims of slander, libel and invasion of privacy, Darras believes it more than justifies the cost, even for renters on a budget.

For those who don't know if they can handle an extra bill, Darras suggests adjusting your other insurance coverage levels and buying the umbrella policy from the same company to get loyalty and multipolicy discounts.

"People will say, 'How can I afford another policy?' Raise the deductible on your auto from $250 to $1,000, and you capture the premium for $1 million worth of umbrella."




Show Bankrate's community sharing policy

Connect with us