Re Umbrella. Is it typical to drop coverage to the lowest on homeowner, cars and such and then get an umbrella in place?
Not only is it not typical, you can't do it.
Maybe I should have posed the question differently.
If a person has insurance and has increased the liability limits due to total assets, is it appropriate to remove the increased overages on the various policies and replace with (the hopefully lower premium) umbrella?
I'm no insurance pro and always deferred to risk management people.
