Understanding Umbrella Insurance: What You Need to Know
Umbrella insurance covers liabilities that exceed the limits of your home, auto, or other insurance policies. It also provides coverage for specific legal issues. Generally, it covers everyone in the policyholder’s household, but there are important exceptions, so discussing your situation with your agent is essential. If you live in or near Ponte Vedra Beach, FL, and need assistance with an umbrella or other insurance, contact the Palm Valley Insurance Inc. team.
How Umbrella Insurance Works
Umbrella insurance pays the excess amount or overage in situations where your liabilities exceed your underlying policy limits. Few claims exceed those limits, so umbrella insurance is relatively inexpensive, but it is critical for those at fault for sizable injuries or damages.
Like an auto policy, you identify your household members when acquiring umbrella insurance, which allows the policy and premiums to be adjusted for their ages, occupations, hobbies, and the other insurance policies they hold.
Why Household Members Are Not Always Covered
Umbrella policies cover only the household members covered by your policies, so children or parents living in the household who hold separate auto policies are not covered. Likewise, the umbrella policy will exclude some liabilities if a child has a renters’ policy for a college apartment. There are other examples, so you should periodically discuss your policy and household members’ status with your agent. Their awareness of household members’ policies is another reason to bundle your policies with one agent.
Working With Palm Valley Insurance Inc.
At Palm Valley Insurance Inc., we recognize that each client has unique insurance needs. If you live in or near Ponte Vedra Beach, FL, stop by the office or call (904) 595-6500 today. Our team will provide personalized solutions for all your insurance needs.
