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What is umbrella insurance?

What is umbrella insurance?

Umbrella insurance is a type of insurance coverage that extends the liability insurance from an auto or homeowner’s insurance policy to cover more situations with higher limits.

Who should purchase it and how should people choose their coverage limits? Dr. James Philpot, certified financial planner and associate professor in the department of finance, economics and risk management at Missouri State University, provides some answers to WalletHub.

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