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Umbrella insurance is a separate insurance policy that acts as a liability “umbrella” in the sense that it extends over almost all of your underlying insurance policies, such as your auto, home, motorcycle, and boat policies.

It’s a liability-only policy, meaning there is no physical damage coverage for anything. It simply gives you extra liability limits that you can use if you exhaust your auto or home liability limits in a claim.

Most insurance companies offer umbrellas in million dollar increments, often starting at $1 million and ending at $5 million. Some companies might offer a lower limit, such as $500,000, while you’ll probably have to go through a very large insurance company to get limits higher than $5 million