Everyone with assets to protect should get an umbrella policy, which will pay the remainder of any liability claim not covered by homeowners, renters, or auto policies. Most companies require you to carry a minimum amount of coverage in these areas before they'll sell you an umbrella policy. Get all the other plans first, but then add this one. If, for example, your dog bites the neighbor's son and the child is awarded a $400,000 judgment and your homeowners insurance gives $300,000 of protection, the umbrella policy will cover the remaining $100,000. Buy a policy that raises your coverage to $1 million; it'll cost between $200 and $300 a year and is enough for most of us.