All about Umbrella Coverage
If you're like most Florida insurance shoppers, you're not sure exactly what umbrella coverage is or if you need it. We'll try to clear up those questions for you here.
About Umbrella Insurance
As you shop for free Florida insurance quotes, 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. An umbrella policy is intended for people who have a gap between the worth of their assets and their policy coverage limits. This extra protection will insulate your assets if you are ever involved in a liability lawsuit. Here is what an umbrella policy can do in a nutshell:
- Gives additional liability protection beyond the limits of your standard coverage
- Protects the policyholder from situations that standard liability policies do not cover
- Provides an excellent and affordable way to insulate your hard-earned assets
So Who Needs Umbrella Coverage?
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 your assets could be put in jeopardy if you are ever sued. Ask yourself the following questions to determine if you should consider free Florida insurance quotes on an umbrella policy:
- 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 Umbrella Coverage
If you answered "yes" to any of the questions above, you might need to consider an umbrella policy in more detail. Here are three steps you can take to determine if you should get free Florida insurance quotes on an umbrella policy:
- 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.
- Check your coverage. Pull out your home, auto, and/or boat insurance policies to check your liability coverage limits. Call your agent if you're not sure how to find these numbers.
- 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 insurance coverage. Any of our insurance partners can offer you free Florida insurance quotes on an umbrella policy.
