There is always a lot of talk about what insurance policies you need and what you really should skip. However, in certain cases, an umbrella policy should be considered a necessity. Here is a bit more information about this type of insurance policy. What is an Umbrella Policy? An umbrella policy is a type of insurance plan that acts as a liability "umbrella" over any other policies you might have. While the individual contract of each umbrella policy will dictate what it covers and what it does not cover, most only cover liability situations and not an individual item, such as your home or auto. For example, consider a homeowner with two cars, who has individual policies for those two items, plus an umbrella plan. In the event of a catastrophic accident involving a third party (such as a car accident or someone getting injured at their home), the umbrella policy would cover any specific medical or legal bills over what the individual policy's max cap is. Who is a Good Candidate for an Umbrella Policy? Good candidates for umbrella policies include anyone who has added risk in their life. This includes parents of teenage drivers, business owners, or those who have a high level of income. For more information about personal insurance, contact our Thousand Oaks office at Weeks & Associates Insurance today.