A. Yes, an umbrella insurance is typically only a few hundred dollars per $1 million coverage, it's so cheap and the seller earns so little that no one would actively try to sell it to you except your current insurance carrier.
If you own rental properties, definitely get an umbrella insurance coverage, but even if you don't, there could be other uses of an umbrella insurance. For example, if you like hosting parties, imagine any of the following scenarios happens -
- Someone is injured in a fall and requires medical attention.
- A guest suffers from food poisoning or an allergic reaction to the meal you serve.
- Somebody drinks too much and causes an auto accident on the way home.
- A fight breaks out and one or more people are injured.
Because of such risks, it’s wise to add an umbrella insurance coverage in addition to your current homeowners insurance coverage so you are adequately protected in case someone decides to sue you.