Having bought various insurance coverages like auto insurance, life insurance, and homeowners’ insurance, you would ask whether umbrella insurance is worth investing in. Well, beyond these standard insurance policies, umbrella insurance is an essential type of insurance that has been overlooked as it extends beyond the limits of your other policies.
What is this umbrella insurance, what does it entail, and who needs it? Well, Palm valley Insurance Inc. understands your concerns and your questions. Would you please stick on as we tell you all that you need to know?
What is umbrella insurance?
It’s the extra liability insurance that takes over when your conventional liability insurance coverages are exhausted. Umbrella insurance rides on other coverages like auto, home, and boat insurance to increase your liability protection.
Who needs umbrella insurance?
The answer is everyone earning a livelihood. Since we live in a litigious society, everyone faces the danger of being sued. Below are examples of people that need umbrella insurance.
If you have assets
Let’s take a scenario where you are at fault for an accident, and lots of people got injured and property damaged. It could cost you thousands of dollars, and maybe your liability coverage on your auto insurance cannot cover all the damages. It means you pay the rest of the cash.
If you don’t have the money, they come after your assets like your house, investment accounts, car, and so on. With this in mind, umbrella insurance comes in handy in protecting your assets.
Examples of other people that need umbrella insurance because of their likelihood of being sued include:
- If you own a business
- If you coach youth or kids sports
- If you have a risky hobby like hunting
- If you own a dangerous pet like some breeds of dogs
Umbrella insurance in Ponte Vedra Beach, FL
If you want to safeguard your family, assets, and yourself, umbrella insurance is a no-brainer. Besides providing the highest coverage limits, it’s also affordable. Ready to purchase your umbrella insurance in Ponte Vedra Beach, FL? Talk to us at Palm Valley Insurance Inc. for an affordable quote.