re: Are umbrella insurance policies even necessary for most people?

Agree with others that your premium is higher than what I pay. At a minimum, pay annually to reduce your cost. Most insurance policies of all types charge a fee for installment payments. I think around $10/payment.

Primary question is hard to answer. Assets, types of income (do you own a business or rental properties), risk tolerance, and driving record all factor in.

I have been fortunate financially and have carried an umbrella for 20+ years.