What is Personal Umbrella Insurance?
We are all very familiar with home, life and car insurance, but when discussing a personal umbrella insurancethings get a bit… shady.
What exactly does personal umbrella insurance cover? Do I need to worry about this type of insurance? What are the benefits? The Pettineo Insurance Agency has been providing personal umbrella insurance in Fort Lauderdale for over 30 years. Therefore, we are happy to answer all the personal umbrella policy questions that come pouring in.
What is Personal Umbrella Insurance?
Personal umbrella insurance covers the additional amount when your insurance is not enough. For example, let’s pretend your auto insurance covers $250,000 in liability. Perhaps one day you are driving and you hit another car. This accident results in severe injury to the other driver. In addition to his high medical bills, the injured driver is sueing you for lost wages at the sound of $1 million dollars. Insert image of Dr.Evil with pinky to his mouth. All jokes aside, your insurance company would cover $250,000, but what about the other $750,000?
Personal umbrella insurance prevents you from being stuck paying the remaining balance. By having this policy, you are protecting your bank account, home and personal property.
What are the benefits of Personal Umbrella Insurance?
The costs of auto accidents, medical bills and property damage can add up. Not to mention lawsuits. According to IFG Trust Services, Inc. , Americans have a 33% chance of getting sued in their lifetime.
All of these incidents are one big equation for extreme financial hardship. That fictious accident we mentioned prior resulted in $1 million in damages. This can result in a person digging into their life savings, home and personal property just to pay off the remaining $750,000.
What are the coverage limits?
Coverage limits on a personal umbrella policy start at $1 million and can go as high as $10 million for qualified applicants. Personal umbrella insurance is only used if you exceed the liability limits of coverage under your other personal insurance policies, so the premiums are usually very affordable.
To learn more about personal umbrella policies visit our webpage at http://pettineoinsurance.com/personal_umbrella.html
To get under our umbrella ‘ella ‘ella (we couldn’t help ourselves) check us out at www.pettineoinsurance.com.
Pettineo Insurance Agency Inc provides personal umbrella insurance in Fort Lauderdale, Lauderdale-By-The Sea, Pompano Beach, Oakland Park, Boca Raton, Hollywood, Coral Springs, Tamarac, Sunrise, Hollywood, and all of South Florida.
