What is an excess umbrella policy? We own rental property and our agent is recommending we get one.

An excess umbrella policy, also known as a personal umbrella policy or PUP, is a type of insurance that provides additional liability coverage beyond the limits of your existing insurance policies, such as your homeowners, auto, or rental property insurance. In your case, as a rental property owner, an excess umbrella policy can help protect you from financial losses in case of a liability claim related to your rental properties. For example, if a tenant or guest is injured on your rental property and sues you for damages, an excess umbrella policy can provide additional liability coverage above and beyond the limits of your rental property insurance. Excess umbrella policies typically offer coverage in increments of $1 million or more, and can provide coverage for a variety of liability risks, including bodily injury, property damage, and personal injury. The policy may also cover legal fees and defense costs associated with a liability claim. It's important to note that excess umbrella policies do not typically cover intentional acts or criminal activity. It's also important to review the terms and conditions of the policy carefully to understand what is covered and what is not covered. Your insurance agent is recommending an excess umbrella policy because it can provide additional liability coverage and help protect your rental property investment. You may want to consider getting quotes from multiple insurance companies to compare coverage and costs, and to ensure that you are getting the best coverage for your needs and budget. Regenerate response