20 Second Advisor: Do you need umbrella insurance?

I have received a few questions lately about whether umbrella insurance is necessary. Here are a few things to consider:

• It only makes sense to buy it if you have assets to protect
• Takes over when your home and auto policies run up against their coverage limits
• Helps to keep a massive lawsuit from wiping out all of your other assets
• How much do you need?: the amount is usually tied to your net worth
• For most, a basic policy of $1 million is enough; which cost just a few hundred dollars a year