Do you have enough coverage?

When you look at your standard homeowner's or auto policy you have some liability coverage, but it is only up to the limit set in the policy. So if you are sued and have attorney's fees and/or judgements against you that exceed that limit, they will be out of pocket. Unless you have a personal umbrella liability policy.

An umbrella policy provides you with an additional layer of liability protection and starts coverage when you reach the limit on your homeowners, renters or auto policy coverage. For about $150 to $300 a year you can buy a $1 million personal umbrella policy.

Now let's talk about the valuables you own. Your standard homeowner's or renter's policy will have some coverage included for jewelry, art, guns and other high value items, but there are limits to the replacement on these items and it usually won't stretch to cover the total value of the higher dollar items.

If you own items that would be difficult to replace you can increase coverage either by raising the limit of liability or "scheduling" your individual pieces through the purchase of "floater" policies.

Scheduling each item may cost more in premiums but it will offer a broader protection because the floater covers losses of any kind - including accidental loss, which you homeowner's policy won't cover.