Newbie - Umbrella Policy?

[Travis Whithaus]

Hello!

I am looking to place our first offer shortly on a small single family property <$100,000 in value. My insurance broker mentioned it might be worth getting an umbrella policy of $1MM, which was $307/yr. Is this necessary, or wise, to consider, even though my portfolio isn't large? 

My wife and I own our personal residence and have a mortgage on it. 

Thank you for your feedback as we get one step closer to making our first offer!

Travis