Many people may be unaware or unclear of what umbrella insurance is and what it does. However, its benefits may create peace of mind if it makes sense to invest in this form of insurance. Our team at Coastal Premier Insurance Group is committed to helping Boca Raton, FL residents understand this insurance and its benefits.
What is Umbrella Insurance?
Umbrella insurance is simply a second insurance policy designed to provide coverage once the maximum limits have been exhausted on your primary insurance policy. It’s designed to provide liability and protection against unforeseen events, like property damage, injury, and even legal situations.
Who Should Invest in Umbrella Insurance?
If you have significant assets that you want to protect, umbrella insurance may be a good option for you. What are "significant assets" you may ask? Significant assets or substantial net worth can be defined as assets that exceed the limits of your homeowners’ and auto insurance policies. Once the limits of your primary insurance policy have been met/maximized, umbrella insurance kicks in to cover anything that’s not covered by a primary insurance policy.
Umbrella insurance is designed to provide coverage in excess of a million dollars or more as protection against expensive claims or lawsuits if you have a particularly high net worth and/or many assets. It isn’t a legal requirement, but an option to invest in a secondary insurance policy designed to meet the needs of your assets and net worth. If you have a lot of assets, a high net worth, or a high chance of being sued, umbrella insurance might be a wise investment. If you have questions about umbrella insurance and think you could benefit from this type of insurance, give us a call. We’re standing by.