Why You May Need Umbrella Insurance

When you already have auto and home insurance, you can get more coverage for both by getting umbrella insurance. Liability coverage is important to both home and auto policies. The problem is that many people don’t have as much of this as they would assume. That can leave them vulnerable to the high cost of today’s medical bills. To get more coverage to protect yourself, you need umbrella insurance. Call us at Singh Insurance and Financial Services LLC in Clermont, FL to get yours. 

Liability Coverage

With little liability coverage in your home and auto policies, you can be left in a terrible financial situation after a serious accident. A serious accident in your home or caused by your vehicle can mean sky-high medical bills. If you lack liability coverage, you may be stuck with many medical bills after your policy reaches its maximum payout. However, individually adding liability insurance to your home and auto policies can be highly expensive. Many people can’t afford the high cost of adding to liability coverage that way. However, umbrella insurance is much less expensive. It comes with a very high maximum payout but costs little money. It’s a wise financial choice to keep yourself better protected. 

How Umbrella Insurance Works

If there has been a serious accident with your vehicle or in your home, your home or auto policy is the first to come in and pay for the ensuing medical bills and other costs. Once that policy maxes out on payment, umbrella insurance pays what’s left over, so you don’t have to. 

Get Umbrella Insurance in Florida

If you want better protection against accident liability, call us at Singh Insurance and Financial Services LLC in Clermont, FL to learn more. 

Understanding Your Home Insurance Policy

After enduring a storm of significant magnitude, it’s essential to have a clear understanding of what your home insurance policy covers. Your Declarations Page is a valuable resource that provides an overview of your coverage. In this blog post, we’ll break down the different coverage types and share important information regarding flood damage.

Coverage Breakdown

Coverage A – Dwelling: This portion of your insurance covers the total amount you are eligible to receive for a covered loss to your home and the building materials located on your residence as a result of a covered loss. It’s the backbone of your home insurance policy.

Coverage B – Other Structures: This coverage extends to damage to other structures on your property, including fences, swimming pools, detached garages/carports, sheds, and walls, resulting from a covered loss.

Coverage C – Personal Property: Personal Property coverage includes your personal possessions that may have been damaged, destroyed, or stolen due to a covered loss. This category encompasses items like furniture, computers, electronics, clothes, equipment, and more.

Coverage D – Loss of Use: In the unfortunate event that your home becomes temporarily uninhabitable due to damage from a covered peril, Coverage D comes to the rescue. It provides for additional living expenses, such as temporary lodging, food, and other costs associated with being temporarily displaced.

Ordinance or Law: This is a percentage of your Coverage A amount and contributes to the cost of upgrading your home to meet the most up-to-date building codes after a covered loss.

Hurricane Deductible: Your Hurricane Deductible is the amount you are responsible for before your insurance company issues any payment for hurricane-related damage. In many instances, this deductible is set at 2% of your Coverage A amount, as mandated by Florida statute. For example, if your Coverage A limit is $500,000, your Hurricane Deductible would be $10,000. If you sustain $20,000 worth of damage due to a hurricane, you would be responsible for paying $10,000, and your insurance company would cover the remaining $10,000 to repair the damage.

Important Information Regarding Flood Damage

It’s vital to note that Flood Coverage provides protection specifically for damage caused by rising water and storm surge. This coverage is not included in a standard homeowners policy and must be purchased separately.

However, if you do not have flood insurance, you may be eligible to apply for federal assistance at www.disasterassistance.gov or by calling 800-621-FEMA (3362). Singh Insurance Group is also here to help you and get you covered

For further information about FEMA Disaster Assistance and guidance on how to apply, please click here.

Conclusion: Understanding your home insurance policy is essential, especially in the aftermath of a significant storm. Knowing what your policy covers can make the process of recovery smoother and less stressful. If you have any questions or need assistance with your insurance claims, don’t hesitate to reach out to Singh Insurance Group and one of our clients will be there to help you during these challenging times. You may learn more at SinghInsuranceGroup.com or contact us at (352) 432-1646