In simple terms, umbrella insurance is additional liability coverage that helps to protect you from huge claims as well as lawsuits. This insurance cover provides extra liability insurance beyond the limits of other insurance policies you have like auto and homeowners. Your umbrella insurance comes in when the liability on those other policies is worn.
More so, this type of insurance policies gives you cover for claims that might be left out by other liability insurance policies. Such claims include false arrest, slander, libel and liability insurance on any rental units you own.
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Umbrella insurance insures you against bodily injury, property damage, specifies lawsuits and some personal liability situations. Yes, your auto, boat and home insurance covers some of those personal liability situations, but you should know that umbrella insurance covers you beyond the limits of those common policies.
There are different coverage options provided by an umbrella insurance policy such as:
1. Bodily injury liability: insures you for the cost of covering medical bills and /or resultant liability claims resulting from scenarios such as:
2. Property damage liability: insures you for the cost of damage caused to another person’s physical property. Examples of such cases are:
3. Rental units owner: ensures you against liability you may face as an owner of rental units. Liability claims may be resultant of some situations like:
Preferred Partners Insurance, Florida is a trusted insurance agency that provides insurance services. Contact us today and let us help you in your insurance questions.