You’ve worked hard to get where you are in life. However, sometimes tragic accidents occur and it is very important to be prepared for the unexpected. That’s where having an umbrella policy can be a very good idea. Our Coastal Premier Insurance Group team has put together this brief guide to help you understand why you need to have umbrella insurance in Boca Raton, FL.
What is Umbrella Insurance?
Umbrella insurance is simply an extension of the liability coverage you have on your other policies. This includes both your home insurance and your auto insurance. If you’re involved in a serious accident or someone is greatly injured while visiting your home, an umbrella policy acts as a secondary extension of your policy.
For example, let’s say you have a $500,000 liability limit on your Florida homeowners insurance policy. Two dear friends come to your home for dinner and are both killed in a serious accident. The liability coverage on your home policy would likely payout that full $500,000, but the family of the couple is suing for more. Your umbrella policy could help take care of their claim and any associated legal fees.
Who Needs Umbrella Insurance?
Those who need umbrella insurance the most are anyone with an extended amount of risk or a fair asset value. This includes those who own businesses, have teenage drivers in the household, or even retirees who own multiple pieces of real estate. Basically, if you have a financial situation that someone could go after in court after a serious accident, you should have an umbrella policy.
Ready to learn how umbrella insurance can help protect you financially? Please contact our team at Coastal Premier Insurance Group in Boca Raton, FL for a no-obligation quote.