Umbrella Insurance Explained by the #1 Agency Serving the State of Florida

Umbrella Insurance Explained by the #1 Agency Serving the State of Florida

Umbrella insurance in Florida is something many people don’t know about, but it can be essential to have in certain dire circumstances. First, let’s discuss what umbrella insurance is exactly. An umbrella insurance policy is added insurance that will cover you for anything beyond what your standard homeowner’s or auto insurance policy covers. It covers you and all the members of your family. It acts as coverage above and beyond what you’d typically get from home insurance or auto insurance if we were sued. So, it’s valuable insurance that complements the one (s) you already have. If, for example, someone threatens you with a lawsuit for more money than you have or that your regular insurance will pay, “under” an Umbrella Policy, you would not lose your home. 

Typically, an umbrella policy will cover this type of lawsuit. It even covers certain liability claims that your standard home policy or auto policy may not. So, it’s generally practical to invest in umbrella insurance if you have valuable assets to cover. Don’t let your home or other valuable assets go unprotected without this relatively inexpensive add on insurance. Some people are more likely to need umbrella insurance than others. Whether you need it or not will depend on your own family’s needs. One of the main reasons people purchase it is if they have a teenage driver in their home. Teens tend to be inexperienced drivers

Some things to consider when thinking about buying umbrella insurance:

  • Umbrella insurance is a type of personal liability insurance that covers claims in excess of regular home auto or watercraft policy coverage in Florida
  • Umbrella insurance protects you and all the members of your family or household.
  • Umbrella insurance coverage covers injury to others or damages their possessions, but it doesn’t protect their property.
  • Umbrella insurance is considered relatively inexpensive compared to other types of insurance.

When would you need Umbrella insurance in Florida?

Umbrella insurance would typically be purchased as an add on to your current auto or home insurance policy when they do not cover the total amount of all damages incurred, and those damages are substantial. So, what are some scenarios when umbrella insurance would come in handy?

Suppose your dog bites a neighbor causing multiple abrasions. They might sue you for pain and suffering, loss of wages, and medical bills.

Your teenage son gets into an accident with three other vehicles causing tremendous damage that sends some of the other drivers to the hospital. You could be liable for damages to the vehicles and the other driver’s medical bills and lost wages.

Your under-age teen decides to throw a blow-out neighborhood party with alcohol while you and your partner are out of town. One of the teen kids leave for home drunk and gets into an accident. The teen is arrested for illegal drinking and driving under the influence. Plus, you are being sued for damages to the other driver’s car and their medical bills.

You lose control of your care and accidentally cause an eight-car pile-up on a rainy Florida day, and all eight vehicles are damaged. Your car insurance is not enough to pay for all the damage to the vehicles and medical costs. That’s when an umbrella policy comes in to play. It will typically cover you for the balance of the costs of damages.

Are you ready to learn more?

Even the most careful driver with the best intentions can, unfortunately, end up paying a large amount of money for a considerable judgment from a personal liability suit. While you’re not likely to find yourself in this situation, it’s still smart to protect yourself against any disastrous financial loss, especially in this depressed economy. Umbrella insurance can help you cover all that. The team at Coastal Choice Insurance is a leading insurance agency dedicated to assisting ordinary citizens in securing the necessary amount of home, auto, and add on policies like umbrella insurance coverage you need. And, in the case of a lawsuit above and beyond what your insurance company might pay. We can also find policies for you that cover natural disasters such as fire, hurricane, tornado, flooding and mold, and other damages to your home and business such as theft and vandalism. 

Rest assured that we will compare and provide you with insurance quotes from companies that you can afford. So, don’t hesitate to reach out to the dedicated and informed team at Coastal Choice Insurance. We’ve been serving the entire state of Florida for many years and would like to help with all your home, commercial, auto, and life insurance needs. Call us today at (877) 778-9295.