House Hack - Umbrella Insurance

[Alex Ferraro]

I'm closing on my first househack in late January and have been struggling with the decision of what kind of insurance to get. I know there have been discussion on umbrella policies, but none quite answered my specific questions.

If I only have one house and currently less than $100K in assets, is it worth getting an umbrella policy? Furthermore, do you ever hear of anyone having their wages garnished in some kind of a lawsuit that would have been prevented with an umbrella policy?

For those in Chicago, is flood insurance worth getting? I will be in Logan Square. I haven't heard much of major floods in the area and it is not in a flood zone that I know of. Any advice or feedback is appreciated!