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There is a discussion underway over at the Millionaire Fools board concerning Umbrella policies. One question came up that I am bringing here is the nature of the additional coverage provided by the Umbrella policy.

Some say the umbrella policy only increases the liability limits on your separate auto or home policy. You get a higher dollar amount of liability coverage but the liability perils that are covered are exactly the same as those that are covered by the auto or home policy in the the first place.

Others say that yes auto and home liability limits are increased but also entirely new liability risks, liabilities that would not otherwise be covered in a standard auto or home policy, are covered by the Umbrella Policy.

Which is it? What do you all think?
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