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.
To shop for insurance to fit your needs, visit the Insurance section at Bankrate.com.