Three things you need to know about umbrella insurance

Many people could benefit from having an umbrella insurance policy to protect them against liabilities in addition to protection they already have from a standard insurance policy.

At Dune Lakes Insurance, we offer umbrella insurance policies to those living in the Inlet Beach, FL area. The following are three things you should know about umbrella insurance if you’re deciding whether or not to purchase a policy:

Umbrella insurance is added insurance protection for an auto or home insurance policy.

A lot of consumers feel that the coverage offered by standard auto or home insurance is not enough for their needs. While these types of insurance provide coverage of expenses, there are typically certain coverage limits on these policies. Consumers would have to pay out-of-pocket for any expenses in excess of these coverage limits unless they have an umbrella insurance policy. 

Umbrella insurance is typically used to protect you from liabilities if you cause damage to another person’s property.

It’s important to realize that umbrella insurance is designed to protect you from expenses you incur as a result of damage that you are deemed to have caused to another person’s property. This type of insurance will not provide coverage to you for your owns expenses. You cannot file a claim for compensation for damages to your own home or vehicle, for example. 

Umbrella insurance is particularly important for high net worth individuals.

If you have a relatively high net worth, you should seriously consider purchasing an umbrella insurance policy. High net worth individuals are the most susceptible to costly lawsuits because they have funds to protect and are often a target because they may be seen as a source of money to others. 

To learn more about the umbrella insurance policies we offer in Inlet Beach, FL, contact us at Dune Lakes Insurance.