If you have invested in a boat, home, and auto insurance policy, you may run for the hills if someone says that you need more coverage. Well, your typical coverages are adequate, but they can only do so much when faced with significant claims. And for this reason, you need to learn about umbrella insurance, including what it covers.
What is umbrella insurance?
Umbrella insurance from Peninsula Underwriters Insurance Agency provides extra liability protection when your typical liability coverages run out. For instance, if you are involved in a severe car accident, umbrella insurance takes over after your standard car liability insurance runs out.
Suppose you have car liability insurance of $50,000. Assume that the cost of the accident goes up to $100,000. Without umbrella insurance, you may have to finance the deficit of $50,000 from your pocket. And if you don’t have the cash, your assets, including your home, boat, and vehicle, could be at stake.
And the best part? Umbrella insurance has no geographical limitation like other insurance coverages. Umbrella insurance protects you no matter where you are in the world.
What does umbrella insurance cover?
Umbrella insurance is liability coverage — as such, it covers damages and injuries you cause to other people. Ultimately, umbrella insurance covers the below:
- Property damage when accused by third parties.
- Bodily injury if other people accuse you.
- Personal liabilities like libel and slander. Besides, umbrella insurance covers false arrest and malicious prosecution — typical liability coverages don’t provide this protection.
Furthermore, umbrella insurance covers legal costs, including attorney fees and settlement claims.
Umbrella insurance exclusions
While umbrella insurance is splendid, it doesn’t shield you from all risks. Umbrella insurance won’t cover:
- Intentional damage or criminal acts
- Damage to your property
- Liabilities for dishonoring contracts
Umbrella insurance in Florida
Need to boost your home, auto, or boat insurance in Florida? Please get in touch with Peninsula Underwriters Insurance Agency to buy umbrella insurance. We will provide a reliable policy that will protect your assets and future earnings.