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Umbrella Insurance in Florida
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This insurance is a form of additional liability coverage that would cover you if you were liable for a tremendous amount of excess damage. Most car or home insurance policies have limits on the liability they will cover. An umbrella policy would pay the difference between what your policy will cover and what your total liability is. The professionals at James Harmon Insurance Agency in Gainesville, FL can help you get the coverage you need.
How does umbrella insurance help?
Often very wealthy people have these types of policies to protect their assets. If your insurance has a $500,000 limit, and you cause $750,000 in damages, you are on the hook for the extra $250,000. An umbrella policy would pay that difference. While very wealthy people probably should have an umbrella policy, it is something worth considering regardless of your situation. Most financial advisors say you should have at least as much as your net worth.
People who are nearing retirement age, or who are retired, should also consider this type of policy. Your life savings, which will pay for your retirement, could be eaten up by a catastrophic accident.
Even simple things can result in huge accidents that leave you liable for a lot of damage. Things like owning a dog, playing sports, coaching, or volunteering are just a few things where an accident could result in millions of dollars in damages.
In Florida, you must first have a policy, whether on your home, business, or car, in order to get an umbrella policy. In Florida, the umbrella policy is something that is added to your current coverage. You can, in most cases, add it to your policy at any time. Your umbrella policy can also cover things your regular insurance would not, such as libel and slander.
Contact the James Harmon Insurance Agency in Gainesville, FL to learn more about adding an umbrella policy to your vehicle or home insurance. Our agents can answer your questions and help you get started on a policy.