Jason and Andy discuss the proper use of umbrella policies. Umbrella policies can protect your assets by paying large medical and repair bills that a court or your insurance company says you're responsible for paying. Most insurance policies – like home and auto – only pay up to a certain amount for liability coverage. Umbrella policy coverage usually starts around $300,000 and pays up to at least $1 million. Umbrella policies also offer more liability coverage than your home or auto insurance. It might cover for false arrest, defamation, and slander.