How do I determine if I need an umbrella policy?
I'm in my 40's, married, and have one child. Our two cars, primary residence, and rental property all have very high coverage in terms of liability limits. Both my parents and my in-laws mentioned they have umbrella policies, and so I'm wondering if I should get one too.
If you have assets you are trying to protect and have maxed out your liability limits, I would recommend getting an umbrella policy. They tend to be very inexpensive and will offer more robust coverage. Think of it as an extra layer of protection that goes above and beyond your current liability limits.