Homeowners Insurance Florida | What's at Risk When You Don't Have Umbrella Insurance?

BLOG_Umbrella Insurance doesn’t just protect your home, it protects your future

Homeowners Insurance Florida | Imagine getting the news that you’re about to be sued for an accident that happened on your property, or was caused by your car or boat. What can the other party take? What’s at risk? The good news is, liability insurance exists for exactly this type of situation. The bad news is that there are limits to the amount of coverage your standard homeowners, auto, or boat policy will offer. Without an umbrella insurance policy, after you reach your policy limit, your personal wealth is at stake.

What is Umbrella Insurance? 

Umbrella insurance is an extended liability policy that covers you beyond the terms of your standard homeowners, auto or boat liability protection. Typically, insurers require that you have at least $300,000 in liability for each underlying policy - then you are able to purchase additional liability protection under an umbrella policy.

American Integrity's base umbrella policy provides you with at least $1M in coverage on top of your policy with increased limits available through $5M. And the cost is much more affordable than you'd expect! 

Related Post: What is Umbrella Insurance? 

Who Needs Umbrella Insurance? 

Almost everyone is in jeopardy without an umbrella policy, even if they don’t realize it. Here are some factors that can put you at greater risk of being sued:

  • Owning a pool or trampoline
  • Having a dog
  • You are a landlord
  • Regularly posting reviews or products or businesses 
  • Frequently driving long distances or frequently in heavy traffic

Related Post: Top Five Things You Should Know About Umbrella Insurance 

What's At Risk?

If you are involved in a lawsuit where the judgment comes out to equal more than your liability limit, virtually anything you own that is of value can be seized to cover the judgment. 

  • Lien on Your Home - A lien is a public record filed with county or state record holding agencies. It is attached to your property and states that you owe money to someone. Before you can sell your home, this debt must be settled. In some cases, a judgment can force you to sell your home to settle the suit.
  • Personal Wealth - Retirement funds, college funds, investments and savings can all be cashed in to make good on the amount you have been sued for.
  • Your Business - In some cases, if you are a small business owner, your business assets can become a form of payment in a judgment.
  • Future Earnings - Even your future income can be up for grabs if you are sued. Some judgments go so far as to place a garnishment on your wages.

The simple purchase of an umbrella policy offers a great deal of protection for a minimal financial commitment.

Contact your American Integrity Insurance Agent to learn more about getting an Umbrella policy to protect your home, family, and future. Visit American Integrity Insurance to find an Agent near you. 

American Integrity Insurance is committed to providing Florida homeowners with sound, comprehensive insurance coverage and an extraordinary customer experience. We strive to be a valued partner to our policyholders, agents, and community.

We offer traditional and high valued homeowners insurance, condo insurance, renters insurance, and the special coverage required for vacant homes, manufactured homes, and policies designed for those who need less coverage or are renting out their home. We also offer extra protection, including flood insurance, umbrella insurance, golf cart insurance, boat insurance, cyber coverage and identity theft protection as well as equipment breakdown coverage, to help address a broad range of needs facing Florida homeowners today.

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