The Insurance Policy You've Never Heard of -- but You Should Definitely Consider
How much insurance do you have? Are your homeowners insurance policies enough to pay for legal fees and damages if someone slips on your stairs? Will your auto limits be high enough if you get in a car accident? Many people don't know the answer to these questions -- and for far too many, insurance coverage will prove woefully insufficient if disaster strikes.
If you're underinsured, your personal wealth is at grave risk. If you don't actually have any wealth yet, your future income is in jeopardy. You need to protect yourself from big losses, and to do that, you need a type of insurance coverage called an umbrella policy.
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Source: Fool.com