There’s a lot of content floating around about umbrella insurance, and not much of it is easy to understand. Here at the Coastal Premier Insurance Group, we’ve taken the time to create a detailed and easy-to-understand definition of umbrella insurance. You can use this definition to stay calm and cool as you learn about this popular type of policy in Boca Raton, FL.

Umbrella Insurance Definition

Sometimes, the easiest way to understand the definition of something is to ask a question about it. For example, what kind of personal liability coverage protects the policyholder from claims that exceed the standard limits of their existing coverage?

Answer: Umbrella insurance coverage. 

How to own an umbrella policy?

You cannot purchase umbrella insurance without existing coverage already in place. Let’s say you want to buy umbrella coverage for your home. You can only do so if you already have homeowner’s insurance and you need coverage that extends beyond what is found in the existing policy. Umbrella insurance comes in many types, including umbrella auto coverage, umbrella homeowner’s policies, and even umbrella watercraft insurance.

Who is a good candidate for umbrella insurance?

People who have a lot of assets, have access to things that could be dangerous or do things that make them more likely to be sued are good candidates for umbrella insurance. This includes homeowners with trampolines or swimming pools on their property. If you partake in any of the following activities, you’re a solid candidate for an umbrella policy:

• Managing property
• Coaching athletes
• Volunteering
• Playing a contact sport
• Regularly reviewing brands and products

Contact the Coastal Premier Insurance Group today to learn more about umbrella insurance and whether you’d benefit from coverage. The firm is ready to assist you with all of your Boca Raton, FL insurance needs.