With any insurance policy, you need to be aware of exactly what the coverage entails. Often, there are items or liabilities that are not actually protected under your current policy. To assist in these gray areas, a person may purchase an umbrella policy or possibly floater insurance. What’s the different between floater and umbrella coverage?
Do you collect anything? Do you have special items others may not see the high value in? You can protect these items with a floater policy. This coverage protects specific items of high value. You first have the collectible or collection appraised by a third party, then you contact your insurance agent about the policy. In some cases, the deductible can even be $0. If you have any questions about this protection, then contact your insurance company.
Like the previous policy we discussed, umbrella coverage provides protection not typically included in your homeowners or even auto policy. However, instead of protecting a specific item, this option provides additional liability protection should you exceed your coverage. Otherwise, someone being injured in your home or being at fault in a car crash in which the other party sues or requires medical attention can destroy your finances.
Which Do I Need?
That depends on the coverage you want. Do you have a specific item you need covered? Then talk to your agent about floater insurance. Do you want extra protection should you be at fault in a car accident or a person become injured in your home? Then you may want umbrella. However, you may find having both can shore up your home and auto coverage, protecting you from accidents, injuries, fires, theft, or more. To learn more about either policy or see if this coverage is necessary for you, please contact our office and talk to one of our agents today.