Should renters get an umbrella policy?

Read the fine print
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Read the fine print

Even though the idea behind an umbrella is that it plugs any leaks in your other coverage, there can be exceptions. It's typical for umbrella to cover legal costs, for example, but the scope of representation varies among policies.

"People think all policies are standard," Lilly says. "Every insurance (product) has some exceptions, and you need to compare those."

Another key issue is to make sure your renters and auto policies are in sync with your liability coverage.

"The last thing I want is a rental policy that covers me to $100,000 worth of liability, and my umbrella says you have to have $300,000 worth of liability," Darras says. "You have to make sure when you stack the policies you've met the minimum liability requirements."




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