Umbrella insurance is extra liability insurance that covers you in the event of major claims and/or lawsuits that are not covered by, or exceed the limits of, your other policies. It is most commonly needed for unexpected lawsuit expenses, since these costs tend to be much more unpredictable, as opposed to calculating property value. Contrary to popular belief, umbrella insurance is not just for the wealthy. Part of the benefit of umbrella insurance is the peace of mind it offers knowing that you will be fully covered in case disaster strikes.
What is Covered by Umbrella Insurance?
Although every policy will be different in terms of the specific coverage it offers, a typical policy will cover the following:
- Damage to property
- Certain lawsuits
- Personal liability expenses not covered in traditional policies
What kinds of liability expenses might call for umbrella insurance?
Naturally, your coverage needs become much more complicated when legal issues emerge. Some Florida umbrella insurance policies might be helpful in the following general categories:
- Bodily Injury Liability: Medical claims and/or liability claims that are a result of injuries caused by you or sustained on your property.
- Property Damage Liability: Cost of loss or damage to another person's caused by you, your pet, or your children.
- Owners of Rental Units: Liability expenses that could affect a landlord in an unconventional legal situation.
Certain types of damages are difficult to predict because they often cover a wide range in terms of monetary legal compensation. Some of these damages include:
- False arrest, detention, or imprisonment
- Malicious prosecution
- Mental distress
To compare different types of insurance offerings in Florida, and receive personalized quotes for the coverage you need, we encourage you to use our user-friendly tool available right on the site. An experienced and knowledgeable agent at All Counties Insurance Agency would be happy to provide any additional assistance you might need or answer your questions.