Umbrella Insurance in Florida
What Does an Umbrella Insurance Policy Do?
An umbrella policy in Florida is not a standalone policy and instead works in conjunction with your homeowners or auto insurance to provide extra protection once you max out those policies. This type of policy will cover injuries, damage to property, and costs for certain lawsuits.
Umbrella insurance will cover other injuries and property damage, but not your own injuries or damaged property.
Who Should Get Umbrella Insurance?
You are not required to have umbrella insurance in Florida, but there are some instances where it’s a good idea to have it. If you have property or other significant savings or assets, an umbrella policy will protect these. If your property contains things like pools or trampolines that are more likely to lead to injury, then you could be more likely to get sued and need the extra coverage.
Other activities can increase your chance of being sued, including being a landlord, serving on the board of a nonprofit, volunteering, coaching youth sports, and participating in sports where you can easily injure others, such as hunting or skiing. It may seem like everyone can benefit from umbrella insurance, and that may be true because people will often sue in today’s world.
A large lawsuit can wipe out current savings and what you would make in the future, so why take that risk? Speak with your agent at B & G Insurance serving Miami, FL to discuss your risk and how much umbrella insurance you should get.
How Does Umbrella Insurance Work?
This example can help explain this type of insurance. You get into a car accident, and the car is damaged, needing $50,000 in repairs, and injuries total $250,000. Also, the driver can’t go to work, and so you are sued for another $200,000. This totals $500,000, but you only have $300,000 of liability coverage. Without umbrella insurance, you would be on the hook for the rest of the potential payout.
Contact B & G Insurance, serving Miami, FL, to get a quote on umbrella insurance.