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Misunderstandings about umbrella insurance have resulted in people believing all kinds of myths concerning this coverage. At McCormick Insurance Inc. our goal is to debunk myths concerning personal umbrella insurance so you can have a clear picture of the protection it provides. The following are some of the most common myths about this coverage.
Myth: Umbrella insurance covers expensive personal property such as jewelry, furs, works of arts, etc.
Umbrella insurance does not provide coverage for personal property. It gives you extra liability protection against accidents that may occur in your home in Pembroke Pines, FL, on the road or sailing in your boat. It also protects you against lawsuits that may arise as a result of liability claims.
Myth: Umbrella insurance takes the place of home, auto or boat liability coverage.
Umbrella insurance coverage does not stand alone. It can only be obtained if you already have liability coverage from a home, auto or boat insurance policy. The purpose of umbrella insurance is to increase the limits of your current liability coverage.
Myth: Personal umbrella insurance is extremely expensive. Only wealthy people can afford a policy.
The cost of umbrella policies varies depending on the amount of coverage you desire. A $1,000,000 umbrella policy, for example, could cost anywhere from $150 to $300 annually. Compared to the coverage it provides, umbrella insurance is quite reasonably priced. It helps cover the costs of accidents where injuries or damages exceed the limits of your home, auto or boat liability coverage. Without this extra protection, you could be held liable for these extra expenses on your own.
If the value of your personal assets exceeds the liability limits of your home, auto or boat insurance policies, you can benefit from what umbrella coverage has to offer. To obtain personal umbrella insurance protection, contact McCormick Insurance Inc. in Pembroke Pines, FL.