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Umbrella insurance is necessary for a number of people in Pembroke Pines, Florida and you may need it and not even know what it is. Below are some more details about what umbrella insurance is, why you might need it and how much it costs. If you do decide to set up an umbrella insurance policy, there are a lot of different options out there but a local broker is probably best, like McCormick Insurance Inc. who serves the great Pembroke Pines area and offers competitive rates.
WHAT IS UMBRELLA INSURANCE?
Umbrella insurance is basically a back-up insurance policy to your other insurance policies if you coverage isn’t sufficient, as well as a policy that fills gaps in your existing policies. For example, if you are in a car accident and sued by the other person for injuries and your car insurance doesn’t cover what they are suing you for, you can trigger your umbrella policy if you have it to cover the difference. These umbrella policies also protect against libel and slander lawsuits, which most insurance policies out there do not.
HOW MUCH DOES IT COST?
Umbrella insurance costs about $200 a month per one million dollars of coverage, which may seem like a lot of protection but isn’t depending on the lawsuit or the damages reported. For another $100, you can usually obtain another one million dollars of liability insurance for your umbrella policy.
WHO NEEDS IT?
Anyone who thinks they may be vulnerable to a larger lawsuit due to an accident that may occur in the future. It really all depends on the type of life you lead and who you are before you should pull the trigger on setting up an umbrella insurance policy. Make sure your monthly payment is worth the coverage.