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Learn All You Need to Know About Umbrella Coverage

If you're like most Florida insurance shoppers, you're not sure exactly what this coverage is or if you need it. We'll try to clear up those questions for you here.

About This Option

As you shop for pricing estimates, you might come across information on umbrella policies. Umbrella insurance typically provides one million to ten million dollars of coverage to supplement your car, home, or boat insurance. This type of plan is intended for people who have a gap between the worth of their assets and their policy limits. This extra protection will insulate what you own if you are ever involved in a liability lawsuit. Here is what this type of policy can do in a nutshell:

  • Gives additional liability protection beyond the limits of your standard policy
  • Protects the policyholder from situations that standard liability policies do not look after
  • Provides an excellent and affordable way to insulate your hard-earned assets

So Who Needs One?

You might not think your personal worth amounts to much, but you'd be surprised. Especially if you are a homeowner, a substantial amount of what you own could be put in jeopardy if you are ever sued. Ask yourself the following questions to determine if you should consider this type of plan:

  • Do you own your home?
  • Do you have any assets of significant worth aside from your home?
  • Do you have an investment portfolio or a retirement savings account?

Step-by-Step Guide to This Coverage

If you answered "yes" to any of the questions above, you might need to consider this type of policy in more detail. Here are three steps you can take to determine if you should get free pricing information:

  1. Add up your assets. Total the current value of your home, your savings, stocks, bonds, 401(k) or other retirement plans, cars, and any other assets.
  2. Check your plan. Pull out your home, auto, and/or boat policies to check your liability coverage limits. Call your agent if you're not sure how to find these numbers.
  3. Compare your assets to your coverage limits. If your assets exceed the liability limits on your policies, then you should add an umbrella policy to your current coverage. Any of our partners can offer you free pricing estimates.
Whether you need a car, health, life, or home insurance policy, you can find all the information you need right here.