What is an umbrella policy?
The Bankrate.com financial term of the day is: "umbrella policy."
You know what they say about when it rains. Liability can pour down on you if you cause harm with your car or boat, or if a person is hurt in your home. An umbrella policy is supplemental coverage that sits over your existing insurance policies like a giant umbrella and provides additional protection when you're liable for damage or injury, or even if you're sued for something such as slander. Policies generally start at $1 million of coverage.
An umbrella policy is insurance that provides extra protection when liability comes raining down.
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