Umbrella Liability Protects in Face of Climbing Damage Awards

When disaster and tragedy result in a lawsuit, large verdicts are increasingly becoming the norm. For example, a family whose 13-year-old daughter was struck and killed by a drunk driver successfully sued the driver and won a verdict of more than a whopping $330 million dollars. Of course, it’s impossible to put a price on the lost life of a loved one, but that girl’s family at least had their day in court. On the other side of equation was the drunk driver, who was financially wiped out by the suit. Actual stories like this underscore the importance of purchasing umbrella insurance in Florida.

In today’s climate, liability coverage limits on basic policies may not be enough

According to the National Law Journal, when parties are found negligent, the claims they are likely to be assigned are growing astronomically—by double digits. Thus, a standard homeowners or auto policy may not provide sufficient protection in the event of a catastrophic event. Without a policy that is designed to take over when the limits of your underlying coverage have been exhausted, you, too, could find yourself ruined financially.

Life is unpredictable, and accidents—major ones—can happen to everyone. The assets you’ve worked so hard to build could be at risk if you found yourself in a situation where, for example, you are liable for causing injury to someone in a car accident, or someone sustains injury while on your property. You can turn to a professional insurance agent for guidance about umbrella insurance in Florida. Your agent will examine your personal situation and evaluate your exposures to risk, and offer coverage options from a host of the nation’s top-rated insurance providers, as well as explain all the coverage details; they can be complicated so it’s best to work with a professional). Contact your agent today to learn more.

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