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Insurance can sometimes get overwhelming with so many terms and types. At McCormick Insurance Inc., serving Pembroke Pines, FL, and the surrounding areas, we are here to help demystify insurance. In this quick guide, we will help you better understand excess insurance and whether or not it is a good choice.
What Is Excess Insurance?
Each type of insurance policy you can purchase will have a payout limit. This is the amount the insurance company is willing to pay for one single claim event. There are times, though, when the expenses that have been incurred by an event exceed that limit. In that case, the individual is left to pay the remaining amount on their own.
This can be problematic and cause financial hardship. That is where excess insurance comes in. An excess insurance policy can help pay for these additional expenses.
How Does Excess Insurance Work?
An individual will purchase an excess insurance policy for a specific amount. The policy can be used if another policy has been exhausted.
How Much Excess Insurance Do I Need?
The amount a person would need for this type of policy will vary from person to person. You need to sit down with an insurance representative to discuss your details, assets, and liability risks. These factors will help determine precisely how much insurance you need over your other policies.
Do I Need Excess Insurance?
Not everyone will need this type of insurance. This is why it is a good idea to sit down with an insurance rep to discuss your details. This type of insurance is often recommended for people with many assets to protect or those with higher-than-normal liability risks.
To learn more, please get in touch with us at McCormick Insurance Inc., serving Pembroke Pines, FL, and the surrounding areas.