Why Do You Need Umbrella Insurance?

Umbrella insurance policies will provide the much-needed extra level of security for you and your family when legal, medical, or property damages go beyond what your standard auto or home insurance policy covers. Hamilton Fox & Company Inc.’s umbrella insurance in Pinecrest, FL will kick in to safeguard your assets when you find yourself in such a scenario.

For instance, you may cause an accident resulting in an $800,000 in medical costs while your standard bodily injury policy under your car insurance covers you up to the limit of $500,000. You will need an umbrella insurance policy to cover the extra amount. Here are some of the critical reasons why you should purchase umbrella insurance.

Protects Your Assets

This is perhaps the most important reason why you need umbrella insurance coverage. Without this insurance, you may be held liable when the limit of your standard liability insurance is exceeded. You may be forced to sell some of your assets to cover the excess liability. That is something you can’t afford to do after many years of hard work and patience. Umbrella insurance protects your assets in Miami or Pinecrest, FL against various uncertainties.

Expands Your Coverage Limits

Let’s go back to the example we described at the beginning. If your standard auto or home liability policy offers you up to $500,000 per occurrence, having an umbrella insurance policy can expand your limit to around $1 million per event. This extra coverage is essential in your everyday life since you never know what might happen.

Covers Things that Your General Liability Policy Might Not Cover

Typically, umbrella insurance covers a wide range of activities and potential occurrences than your standard general liability insurance policy. For instance, if your standard home or auto liability policy is limited to events that may occur in a particular geographic area, the umbrella policy might come in and cover other regions.

In contrary to what most people tend to think, an umbrella insurance policy is affordable and essential to everyone. Talk to Hamilton Fox & Company Inc. today and get your quote.