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What is an Umbrella Insurance policy?

Umbrella policies provide extra protection beyond standard coverage, and they are available in increments of millions. Most insurance companies offer these policies starting at $1 million and going up as high as $10 million.

Most people who buy umbrella policies pick a standard $1 million policy, but there are quite a few who choose policies totaling $2 million. For the first $1 million, the premium can be as high as $250 per year.

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