Most insurance is a mystery to the average person. Having questions about umbrella insurance, which is one of the least understood types of insurance, isn’t surprising at all. At Palm Valley Insurance Inc. in Ponte Vedra Beach, FL, our team makes it a point to ensure all our customers have their questions answered and are provided with personalized customer service. 

What is umbrella insurance?

Umbrella is excess liability coverage. It is added to the liability coverage that you have on another policy. When you reach the maximum on the original policy, the umbrella policy liability will pay up to that policy’s limit. 

Can you buy an umbrella policy alone?

No, an umbrella policy is not a stand-alone policy. It must be added to another policy that already has liability coverage. That is why it is known as excess liability. 

Do you need to be wealthy to benefit from umbrella insurance?

This is a common myth, but it is false. Umbrella insurance can be beneficial to anyone with any assets. You can still be sued if you have assets, even a small amount of them. If you are sued, your assets could be at risk and even your future wages. Umbrella insurance is an inexpensive option to protect yourself. 

What types of policies can an umbrella policy be added to?

Umbrella insurance can be added to any policy that has liability on it. You don’t need to get it from the same company as your primary policy. It can be added to a home policy, an auto policy, a condo policy, renters insurance, boat insurance, and motorcycle insurance. 

Contact Palm Valley Insurance Inc. in Ponte Vedra Beach, FL, when you have questions about how umbrella insurance might be the right choice for you.