IOA Tampa Bay takes pride in our ability to cover our clients in all aspects of their lives. A Florida umbrella policy is a crucial component to your insurance strategy.
What is an umbrella policy?
An umbrella policy provides exactly the type of coverage it sounds like it would-an umbrella for you to stand under. Liability issues are everywhere and you never know what could cause someone to present you with a lawsuit. Our specialty Florida insurance policies-such as umbrella coverage–can protect you from liability issues that go beyond the liability limits of standard insurance policies, such as your homeowners insurance, car insurance, etc. This policy literally puts you under its umbrella so when you exceed the liability coverage limits on a particular insurance line, you are still protected.
What does an umbrella policy cover?
Most liability coverage that rests within your current insurance policies only covers bodily injury and property damage to others. IOA Tampa Bay can find liability insurance policies that will extend those limits to not only provide additional coverage for bodily injury and property damage, but also to cover things that are not listed under regular liability allowances. Every Florida insurance policy is different, so what is considered a covered liability issue under one insurance line may not be covered on another. Umbrella policies kick in when these situations present themselves and/or you exceed the amount of liability coverage for the events that are already allowed under your regular insurance policies.
Why should you purchase an umbrella policy?
You may not think you need a Florida umbrella policy, but consider this: What happens to you and your family’s assets should you be sued for something that occurred at your home and the legal costs of the lawsuit greatly exceed the liability coverage defined by your homeowners policy? Who will pick up the tab if you are responsible for a multi-car accident and your liability costs exceed the limits on your car insurance by thousands of dollars? Although these kinds of things may be few and far between, you cannot be too careful—making it critical to be protected with the proper insurance. An umbrella policy is typically purchased at a low cost to you, but provides enough coverage so you shouldn’t have to worry about liability costs in the future.
Contact IOA Tampa Bay today for more information on umbrella policies or fill out our online form to receive a free quote!