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Plugging Liability Insurance Gaps with the Personal Umbrella Policy

The personal umbrella policy is flat out the best value in the insurance business—$1 million of insurance coverage for under $200 a year. Additional millions are available for less than $100 a year. Most people buy an umbrella policy for its excess coverage, including defense costs. It has, however, far greater value as a risk management tool than just excess coverage. A well-chosen personal umbrella policy can plug many of the liability insurance gaps in the underlying insurance program. This article describes about 20 of those gaps.