A Florida umbrella insurance policy provides a high-limit of additional liability protection. Florida umbrella insurance policies aren’t just for the wealthy anymore. Lawsuits are awarding larger sums of money than ever before. If someone is injured on your property, or you injure someone in a car accident, you could be liable for hundreds of thousands, if not millions, of dollars for their injuries. A Florida umbrella insurance policy is exactly what you need to protect your hard earned assets in today’s litigious society.
AM I REQUIRED TO HAVE A FLORIDA UMBRELLA INSURANCE POLICY?
Although you are not required to have a Florida umbrella insurance policy, it is a good idea to purchase one, especially if you have assets to protect from lawsuit. A Florida umbrella insurance policy gives you additional liability protection over and above property you own. Florida umbrella insurance policies act as excess liability insurance and coverage will typically range from $1,000,000 to $20,000,000 of additional liability protection. They refer to this policy as an umbrella insurance policy because it provides additional liability protection over your auto insurance liability (minimum bodily injury liability limits required 250/500), over your homeowners insurance liability (minimum liability limits required $300,000), as well as over other personal assets you may have insured for liability. You must have an underlying liability policy in place and certain liability limits are required to qualify for an umbrella liability policy in Florida. Normally any auto policy must have 250/500 bodily injury liability and any property or farm must have $300,000 liability in order to meet the Florida umbrella policy requirements.
WHAT COVERAGE IS AVAILABLE WITH A FLORIDA UMBRELLA INSURANCE POLICY?
- For example, your homeowners insurance might have a $300,000 limit of liability coverage. The Florida umbrella insurance policy can give you an additional $1,000,000 to $20,000,000 coverage depending on the limit you select.
- Your auto insurance protects your liability up to the limit you selected on your auto insurance policy and your Florida umbrella insurance policy would give you additional liability coverage above those limits (250/500 minimum limits required for our Florida umbrella liability policy carriers).
- If you own any investment properties your Florida umbrella insurance policy would cover above the liability limits you carry on those properties.
- If you have any recreational vehicles the Florida umbrella insurance policy would give you additional liability coverage above the limits of liability you already carry on them?
HOW CAN I SAVE MONEY ON MY FLORIDA UMBRELLA INSURANCE POLICY?
- Florida umbrella insurance policies can be fairly inexpensive for the amount of protection you get. It’s not uncommon to see umbrella insurance premiums cost $200-$300 a year in Florida. The cost will vary depending on the number of drivers, vehicles, and properties you insure. The limit of insurance you select will also impact the cost of your Florida umbrella insurance policy. The best way to save money on your Florida umbrella insurance policy is to shop around. Our experts have access to many of the top Florida umbrella insurance companies. We will find the best carrier to suit your needs. GET A QUOTE NOW!
- Higher Limits. The higher the liability limits you carry on your underlying policies the more it may save you on your umbrella policy.
- Age. The age of drivers in your household will affect the premium of your Florida umbrella insurance policy. Drivers under the age of 25 could cause your rate to go up.
- Number of underlying policies. The more underlying policies you cover under your Florida umbrella insurance the higher your rate will be.