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Home Insurance Question from Fairfax, Virginia
Answer given on December 31, 2018
While an umbrella policy can be a source of peace of mind in the event of a large liability issue, if you do not own or lease a car, it may not be needed or available. Many insurance companies will not write an umbrella policy if there is no underlying automobile insurance. Of course your financial situation may determine a need for the higher liability protection.
You can purchase higher liability coverage under your renter's insurance policy. Usually limits to $1,000000 are available through such a policy. The cost is dramatically lower than a full umbrella policy.
If you decide to purchase or lease a car in the future you should then consider buying an umbrella policy. You can then reduce your renter's liability limits to about $300,000.
Talk to your insurance agent or insurance company to discuss all of these options.
NOTE: The IMPORTANT NOTICE below is a part of this answer!
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