While a standard condo insurance policy will help protect you, a personal umbrella policy could offer additional coverage by extending the limits of your coverage.

An umbrella policy can provide additional liability coverage once your standard coverage has been exhausted, according to the III. Insurers typically require you to purchase at least $300,000 of liability insurance as part of your standard policy before they will sell you an umbrella policy, according to the organization.

One lawsuit — even if you win — can take a financial toll. Your insurance provider can help you choose condo insurance coverage that best fits your needs.