In Florida there are two primary types of insurance one that covers bodily injury and one that covers property damage. There is however another type of insurance coverage available that goes beyond the liability limits of the standard insurance policies. This type of insurance is call umbrella insurance.
An umbrella policy will additional coverage for bodily injury and property damage as well as also cover things that are not listed under regular liability allowances. An umbrella policy takes effect when a person exceeds the amount of liability coverage for the events that are already allowed under your regular insurance policies. Thus the umbrella is there for a party to strand under in a time of need.
Often times a parties' standard insurance policy does not provide them enough coverage in order to protect them from the amount of damages involved with certain lawsuits. If a party does not have enough coverage under their policies they may face exposure whereby their property and personal assets maybe sought for compensation to a lawsuit for damages.
Each Florida resident should consider what will happen in the event of an accident and consider how they will face the possibility of personal exposure if they do not have sufficient coverage under their standard policies. One way to ensure that a Florida homeowner or Florida driver's exposure is limited is by purchasing an umbrella policy.