Florida Umbrella Insurance
Once considered necessary only for high-net-worth individuals, umbrella insurance is now important protection for anyone who could be at risk for financial devastation as the result of a personal injury lawsuit. We at Strassman Insurance Group know that litigation is commonplace in today’s society, with lawyers awarding larger amounts of money than ever before. Legal fees and settlement costs resulting from a personal lawsuit can easily run into millions of dollars.
Most insurance policies have a limit on liability insurance. If an accident should occur where you have been determined to be at fault, your liability insurance may soon be exhausted, putting your financial assets and future in jeopardy.
Since it is impossible to predict how much a judge may award the injured party, umbrella insurance is a needed protection for every policyholder. It is a single policy that covers all underlying policies you own – such as auto, home, motorcycle, boat, etc.
Examples of coverage types an umbrella policy provides:
Bodily Injury Liability – Covers the cost of damages to another person’s body. Examples include the cost of medical bills and/or liability claims as a result of:
- Injuries to other parties due to a serious auto accident where you are at fault
- Harm caused to others as a result of your pet
- Injuries sustained by a guest or visitor (such as a repair technician) in your home or
on your property
- Injuries sustained by a neighbor’s child while in your yard (even if on your property
without your knowledge or permission)
Property Damage Liability – Covers the cost of damage or loss to another person’s tangible property, such as damage to vehicles and other property as a result of an auto accident where you are at fault.
Owners of Rental Units – Helps protect against liability that you may face as a landlord. Examples include the cost of liability claims as a result of:
- Personal injury on the premises of your rental property
- Personal injury as the result of your tenant’s actions or negligence –
- Example: Your tenant’s dog mauling someone and you being held responsible for the injuries.
Umbrella coverage is also provided should you be sued for:
- Slander – injurious spoken statement
- Libel – injurious written statement
- False arrest, detention, or imprisonment
- Malicious prosecution
- Shock/mental anguish
- Other personal liability situations
Our team of personal insurance professionals at Strassman Insurance Group can review your portfolio to see if an umbrella policy is right for you, and advise you on coverage and limits to ensure you have adequate protection for your personal assets.