No matter how safe we try to be, the simple fact is that accidents happen. When accidents occur in homes or on personal property, homeowners insurance can usually help pay for damages. But what happens when costs associated with an accident exceed the maximum coverage afforded through your policy? When damages surpass your coverage limits, an umbrella insurance policy can help you avoid financial ruin.
What is Umbrella Insurance?
You can think of umbrella insurance as a safety net for your personal savings and assets. Umbrella insurance is an additional liability policy that covers you beyond what your base homeowners liability insurance covers. It is also known as “excess liability coverage.” When you reach the dollar amount limit of your underlying policy, umbrella policy payouts will kick in, thereby helping protect you from having to use your savings, place a lien against your property, or having your wages garnished to pay the difference.
For example, imagine someone is injured while on your property. Their injuries amount to more than $500,000 and they decide to sue you for damages. And once their attorney's fees are added in, you're looking at $600,000+ in total. The liability section of your home insurance policy only covers you for $300,000, so you’re personally on the hook for the amount that exceeds your policy limit. That could mean selling assets or draining your savings unless you have an umbrella policy to protect your personal wealth.
Umbrella policies require you to have a certain amount of liability coverage through your underlying (home and auto) policies. Our program is available to applicants who have a primary home written with American Integrity Insurance and their auto policy written through the same agent.
What Does Umbrella Insurance Cover?
An umbrella policy will cover:
• Injury treatment of others
• Property damage of others
• Lawsuits involving slander, libel, defamation of character and other personal attacks
An umbrella policy will not cover:
• Your own injuries
• Damage to your personal belongings
• Intentional or criminal acts
Contact an American Integrity Insurance Agent to learn more about getting an Umbrella policy for your home and family. Visit American Integrity Insurance to find out more about umbrella insurance coverage.
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.