Umbrella Insurance
InsuranceGlossary term
Definition
Additional liability coverage beyond standard home and auto insurance limits. Protects assets in case of major claims or lawsuits. Typically provides $1-5 million in coverage.
Related terms
- LiabilityA financial obligation or debt owed to another party. Liabilities include mortgages, auto loans, credit card debt, and student loans.
- PremiumThe amount paid for an insurance policy, typically monthly, quarterly, or annually. Premium costs vary based on coverage amount, deductible, and risk factors.
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