When you are likely already purchasing a number of insurance policies to help protect your family and assets such as homeowners and auto insurance it may seem like overkill to purchase an umbrella policy, but the reality is it’s not. Otherwise known as excess liability insurance, an umbrella policy helps to supplement your existing liability coverage for everything from your auto to a homeowners policy. In short, your umbrella policy kicks in when you’ve exhausted your existing liability coverage and helps ensure your assets are safeguarded. 

For example, if you are in an automobile accident that involves multiple third parties being injured and are deemed to be at fault, then you can anticipate being on the hook for thousands and thousands of dollars in damages which can quickly surpass your existing liability coverage. In these situations, your umbrella policy kicks into gear to ensure that you don’t have to cover any excess damages that could leave you in financial ruin. When deciding how much umbrella coverage you need, it’s important to factor in the totality of your assets which could include homes, retirement accounts, investments, and savings. The higher your total assets the more umbrella coverage that you need. Additionally, take risk into account by factoring in your environment such as whether you have a dog that is prone to barking aggressively at strangers or have a pool that all the neighborhood kids use. Similar to your assets, the higher your risk the more umbrella coverage that you may need.

When it comes time to find the right umbrella insurance policy, let the professionals at Hamilton Fox & Company Inc. in Pinecrest, FL help. Not only will we take the time to learn about your needs, but also we’ll customize a policy that makes the right sense for you and your family.