Is an umbrella insurance policy right for you? Being in a personal injury law practice, we are often asked questions by consumers regarding insurance issues. One of the questions that we are sometimes asked is whether umbrella insurance coverage is a good idea. Many people have heard about umbrella policies but don’t know exactly what they are. Umbrella coverage is essentially an extra layer of insurance protection that provides excess coverage over-and-above general liability coverage for homeowners policies, and bodily injury liability insurance under an automobile insurance policies. It is typically sold in increments of $500,000.00 or $1,000,000.00. Umbrella coverage is not for everybody. First, an insurance customer generally must already have very large liability policy limits before he or she can qualify for umbrella coverage. Umbrella coverage is essentially designed for people with significant assets that would be placed at risk in the event of an accident or negligent act or omission. For example, if an insured person was at fault for an accident and suffered $250,000.00 in medical bills, lost wages, and pain and suffering damages but only had automobile liability coverage limits of 100,000.00, the at-fault driver could still be held liable for the additional $150,000.00 in damages. This would typically come from personal assets such as bank accounts, savings accounts, investments, or property. If that same person had an umbrella policy with limits of $1 million, then the $150,000.00 in damages that were not covered under the automobile liability policy would be covered by the umbrella. Umbrella policies are typically not all that expensive, and definitely do provide additional piece-of-mind in the event of a serious accident (i.e. a really bad day.) Most accidents obviously do not generate hundreds of thousands or even millions of dollars in damages, but when they do they can be absolutely devastating to the person (and/or family of the person) who caused cause the accident. If you have any questions regarding umbrella insurance coverage, and whether or not it might be a good thing for you, we are always happy to answer them. All you have to do is call Winter Park attorneys Kim Cullen and Robert Hemphill at 407-254-4901. Consultations are always...Read More »
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