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Common Myths About Umbrella Insurance

Umbrella insurance is additional coverage that protects already existing coverages and limits of other policies. It is a specific type of insurance that may be difficult to understand. One of the main reasons is that there are many misconceptions and myths about this type of insurance. In order to help you get more educated about it, 925 Partners, serving Jacksonville, FL, decided to debunk some of those myths: 

Umbrella Insurance Is Extremely Expensive

In fact, the cost of umbrella insurance depends on the risk. When it comes to insurance, the higher the risk, the higher the price. Therefore, if you have expensive assets to insure, for example, or there are teenage drivers in the family, you will have to pay more. 

Only Wealthy People Need Umbrella Insurance

It is wrong because umbrella insurance provides protection to everyone, including homeowners, car owners, and renters. Umbrella insurance is a guarantee that you will be covered in case of different injuries, and this can happen to anyone regardless of their financial status. The difference is that wealthy people can afford out of pocket expenses if they do not carry appropriate insurance. 

Umbrella Insurance Can Replace Auto, Home, or Boat Liability Coverage

It is a myth because umbrella insurance works as additional coverage for those who already have liability coverage from auto, home, or boat insurance policy. 

By debunking these myths about umbrella insurance, we hope you will be able to see more benefits of it. If you still have questions about this type of insurance and need some help, 925 Partners, serving clients from Jacksonville, FL and other surrounding areas, are ready to assist you. Do not hesitate to visit our office or give us a call for more information. 

3 Ways to Protect Your Assets with Umbrella Insurance

If you have considerable assets, you may be a candidate for umbrella insurance. Umbrella insurance gives you extra liability protection above the limits of your home, auto or renter’s liability coverage. Liability coverage is the part of your insurance that protects you against injuries or property damage to other people in accidents you cause. If you cause an accident where injuries or damage exceeds that of your primary liability coverage, umbrella insurance will pick up where your other policies leave off. In this case, umbrella insurance from 925 Partners in Jacksonville, FL can protect your valuable assets from serious mishaps you may be held responsible for.  

Here are three ways an umbrella policy can benefit you:

  • Bodily Injury – If you’re found at fault for a home or auto accident that causes severe injuries to someone, you could be held responsible for paying his or her medical costs. The high cost of hospital and doctor bills could easily deplete the limits of your home or auto liability coverage. If so, umbrella insurance will kick in to pay for remaining medical costs, saving you from financial loss. 
  • Property Damage – In like manner, umbrella insurance can be used to pay for damage to others’ property in accidents you cause. Umbrella coverage begins once the limits of your primary liability coverage have been exhausted. This saves you from dipping into savings, retirement, or investment funds to cover these costs.
  • Actions that Can Lead to Lawsuit – If you’re found guilty of slander, libel, or other acts that cause people extreme mental anguish, you could be sued for damages. Umbrella liability insurance can help cover your legal costs and settlement, up to the limits of your umbrella policy.

To learn more about umbrella insurance and the benefits it has to offer, call us to visit us at 925 Partners in Jacksonville, FL.

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