Umbrella insurance is typically sold in $1 million increments, up to $5 million. The more coverage you choose, the more you'll likely pay for umbrella insurance, the Insurance Information Institute (III) says.

The cost of an umbrella insurance policy is also based in part on risk factors that may make you more likely to face a liability claim. Risk factors may include owning a backyard swimming pool or trampoline, or having a teen driver in your household, for example.

Your local insurance agent can give you a personalized quote for umbrella coverage based on your specific situation.