Umbrella insurance can provide extra financial protection. When a claim exceeds the limits of your primary insurance coverage, umbrella insurance will pay the difference. This is also known as catastrophic insurance. Umbrella insurance is one of our many offerings at Coastal Premier Insurance Group in Boca Raton, FL.
What is Covered and for How Much?
Coverage limits for umbrella policies usually range from one to five million for personal umbrella insurance and up to fifteen million for commercial insurance. It’s also important to know what is covered. Umbrella policies sometimes cover situations not covered by your primary policy. However, umbrella policies often have some exclusions just like primary policies.
Where Am I Covered?
Are you covered in other states? How about other countries? Most policies will cover you anywhere in the U.S., and some policies will provide coverage no matter where you are. If you frequently travel abroad, what happens if your property is destroyed or you are liable for damages?
What Is Required for Coverage?
To qualify for an umbrella policy, your primary policy has to meet certain coverage limits. It’s important to be sure that your primary policy meets the requirements when buying an umbrella policy.
Are Family Members Covered?
Generally, umbrella insurance will cover the other members of your household. However, if they have an insurance policy under their own name, they may not be covered under your umbrella insurance. For example, your mother lives with you. She has her own auto insurance policy. Your umbrella policy may not cover her in the event of an auto accident.
Umbrella insurance is a great way to help you protect your assets and future earnings. Litigation is very common, and lawsuits can be financially devastating without the right coverage. In Boca Raton, FL, you can count on Coastal Premier Insurance Group for your umbrella policy needs.