Living in Florida, having the cover of an umbrella is a great thing on rainy days. Umbrella, or Excess Liability, Insurance works much the same way: it provides added coverage for existing personal and commercial policies in case of a claim that exceeds the dollar limit of the original, reducing your chance of serious financial harm.
You are a good candidate for an umbrella policy if you:
Own dangerous property that can cause injury (such as pools and trampolines)
Participate in sports that could cause injury to others (like surfing or hunting)
Engage in activities with the increased potential of a lawsuit (being a landlord, coaching kids’ sports, volunteering, serving on a non-profit)
Even if none of these situations apply to you and all you want is a little extra peace of mind, you can have it!
The only limit to adding an umbrella policy is an existing level of personal or commercial coverage (minimums vary depending on your policy), because the worst case scenario – such as a severe car accident, where the repair and medical treatment costs would severely overrun the limits of the original policy – can happen to anyone, at any time. Umbrella policies start at and are sold in increments of $1 million, and will generally be less expensive if written by the same insurer as your existing coverage.
Contact us today for an in-depth discussion of the best umbrella coverage option for you. This conversation will weigh factors such as your daily risk level, the value of your assets, and the potential loss of future income (since a liability lawsuit can target both present and future income)…and you can rest assured by the end of it, you’ll have the peace of mind to know you’re truly covered.