One myth about an umbrella policy is that it’s only needed by the wealthy.  These days the cumulative value of homes, vacation homes, rental property, cars, boats, savings, investments, and so on, owned by many people who don’t consider themselves wealthy, make them vulnerable to liability beyond their auto or homeowner’s insurance limits.  A good question to ask yourself is whether you have assets that you don’t want to put at risk in the event of a catastrophic liability.