Personal umbrella insurance goes beyond standard policy limits, offering crucial financial security in an increasingly litigious society. Essentially, umbrella insurance can provide additional liability limits on top of your existing insurance policies, such as home and auto. With an extra layer of protection, umbrella insurance may shield you financially against unexpected lawsuits and hefty liability claims, safeguarding your assets and providing peace of mind for your financial future.

Umbrella Insurance and Its Coverages

Umbrella insurance is a type of liability insurance that provides additional coverage, extending beyond the limits of other insurance policies, such as auto, homeowners or renters insurance. It acts as a supplemental policy, stepping in to cover costs when the limits of primary policies are exhausted.

What an umbrella insurance policy will cover may vary depending on your needs and preferences. However, policies may generally include the following coverages:

• Property damage liability—This may cover costs involving damage to someone else’s property, such as vehicles or homes, going beyond what standard policies offer.
• Bodily injury liability—This may cover medical expenses if you’re held responsible for injuries sustained by others, providing additional financial protection.
• Legal fees—This may financially assist with legal defense costs and settlements if you’re sued for a covered incident, ensuring you’re financially supported during legal challenges.

It’s important to note that personal umbrella insurance comes with its own policy limits. That’s why working with an insurance agent who can assess your circumstances and recommend coverage levels that can adequately protect your assets and limit your liability exposure is vital.

Advantages of Owning Umbrella Insurance

Owning umbrella insurance offers many advantages, including financial security in a lawsuit or liability claim. It helps protect personal assets such as savings accounts, retirement funds and property in legal settlements. With this added layer of security, you can face the future with confidence and peace of mind.

For example, if you get into an at-fault car accident and get sued, your auto insurance may step in. However, if you’re sued for an amount above what your auto insurance can provide, then your umbrella insurance may cover the remainder, up to its own policy limits. Without umbrella insurance, you may be responsible for paying the legal costs beyond what your primary insurance covers.

Who Should Carry Umbrella Insurance?

Umbrella insurance is essential for anyone seeking to safeguard their assets. Families with teenage drivers or individuals who frequently host gatherings at their homes may find umbrella insurance especially valuable in protecting against potential accidents or lawsuits. Additionally, it can be beneficial for individuals, business owners, landlords or anyone with significant assets or exposure to liability risks. However, it’s important to know that businesses may require a different form of umbrella insurance to protect commercial operations.

Take The Next Step to Protect Your Future

At Flagler Insurance Agency, we understand that safeguarding your financial future is paramount. Contact us today at 866-998-6155 to learn more about our umbrella insurance policies. With our expertise and personalized service, you can trust us to be your partner in securing peace of mind for whatever lies ahead.