Common Myths About Umbrella Insurance You Should Know

While insurance is generally a complicated topic, umbrella insurance seems to be more complex as many people do not understand why they need it. That’s why there are so many myths and misconceptions about umbrella insurance in Boca Raton, FL.  However, you no longer need to be in the dark as there are many articles available explaining all about the policy. At Coastal Premier Insurance Group, we are positive that the chances are excellent that you need an umbrella policy to be truly secured. But before then, here are the most common myths you should know.

Myth#1. Umbrella Insurance is For the Wealthy

Wrong. No one is immune to lawsuits, and they can knock at your doorstep anytime. Umbrella insurance goes above and beyond to cover specific areas not covered by your home or auto insurance, such as slander and libel.  Whether you are wealthy or not, the legal fees can easily dent your wallet or render you broke if you are not well-prepared.

Myth #2. You Don’t Need Umbrella Insurance If You Have Home Insurance

Home insurance does a great job protecting you if you’re sued, but what if your home insurance is not adequate to cover all the legal fees? You need an extra layer of protection, especially if you have teenage children and pets.

Myth# 3. Umbrella Insurance is Too Expensive

This is probably the fattest lie anyone would tell you, especially if you already have a home, auto, boat and motorcycle insurance. What you pay typically depends on your own unique needs and agreement with your insurance company. There are factors that play a critical role in price determination, such as the number of homes, cars, business and recreational vehicles you own.

Not sure about what amount of umbrella insurance to buy in Boca Raton, FL? Coastal Premier Insurance Group can help provide advice and guide you through the purchase process. Call us today.