The more your earning power and assets increase, the more you have at risk, and therefore, the more you need to protect. Florida homeowners and FL automobile insurance provide a minimum limit of liability coverage. An Umbrella policy from Sun Insurance Services provides coverage above the limits of your “primary” home and auto policies.
Many people are unsure what an Umbrella policy is or what it covers. Umbrella Insurance provides extra protection or limits above the liability insurance you currently have. Just as an Umbrella protects you from rain, an Umbrella Insurance policy protects you from losing the entirety of your wealth and assets in the event of a claim. A clear advantage of an Umbrella policy for Florida residents is the coverage’s ability to “drop down” and fill in the gaps in underlying policies.
Consider this an example; John Doe falls asleep while driving and hits a van with a family inside. The accident results in $600,000 of medical bills. John Doe had a policy with only a $500,000 limit, so now John Doe will have to come up with an additional $100,000 to satisfy the claim. If an Umbrella policy had been in place, that policy would have paid the additional $100,000, not John Doe.
Certain lifestyle pursuits such as volunteering for nonprofits can increase your risk of being sued, necessitating the need for higher personal liability limits. Also if you own a boat, RV, motorcycle, or have a pool, you may want to consider higher limits. If you have a high net worth it is advisable to protect your assets with a personal Umbrella policy.
Florida Umbrella insurance policies provide broad coverage beyond traditional home and auto. They provide additional liability coverage above the limits of your Florida homeowners, Florida auto, and Florida RV, or boat insurance policies.
Sun Insurance Services is an Orlando Florida based independent insurance agency serving all of the Sunshine state. If we can help you with any of your FL insurance needs, please contact us today!