Protecting your Assets with Umbrella Insurance
Posted on: April 22, 2016 by elite
It should come as no surprise to learn that wealthy people are often targeted by fraudulent claims. However, while not everyone is out to get you, it’s still important to be aware of what it takes to protect your assets. As Miami is home to some of the most exclusive homes in the nation, having a uniquely tailored FL Umbrella Insurance policy to supplement your essential coverages is a necessity. Especially as your risks are increased, it takes a bit more to ensure your assets and investments are secured. Let’s take a closer look at the additional risk you might face and how to achieve the best coverage from your insurance policies.
Don’t just get what’s required.
As a person of wealth, you probably have the typical coverages you might expect to protect the basics. However, simply covering the expected isn’t enough anymore. Think Advisor says that while trusts and other techniques can shield some assets from the court’s reach, its suggested that you choose umbrella liability coverage at least equal to your current net worth and present value of your employment income stream.
Don’t let price alone dictate which policy you choose.
Some policies may be cheaper than others, that much is obvious. However, look at what you’re getting for your money. For example, some policies offer more benefits than just providing compensation for claims. Some offer risk management consultants to sum up your risk portfolio, provide reimbursement for personal lawyer usage, and even hire public relations teams to defend your reputation.
Make sure your coverage is seamless.
Prevent any gaps in coverage by starting your umbrella policy where your homeowners’ policy leaves off. Therefore, if your homeowners’ insurance provides up to $600,000 in damages, ensure your umbrella policy starts after damages exceed $600,000. Otherwise, you may be forced to pay out of pocket to accommodate the gap.
iSure Brokers is the premiere choice for high-value homeowners insurance and umbrella policies. We strive to ensure that each of your assets are protected. We offer coverage to adequately protect your high-value home and investments, including its contents and your employees where standard policies would fall short. To learn more about our products, contact our experts today at (305) 223-2544.