Do Renters Need Umbrella Insurance?

Posted on March 28, 2025March 27, 2025 by admin

Umbrella insurance can provide valuable additional protection if you don’t otherwise have sufficient personal liability coverage. Personal liability coverage is a standard feature of most renters’ insurance policies, and most renters’ policies offer adequate coverage for those who rent. If you’re a high-net-worth individual who rents, however, you might want additional umbrella insurance protection.

What Is Umbrella Insurance?

Umbrella insurance is a supplemental policy that extends liability coverage beyond what a standard renter’s or homeowner’s policy offers. It can protect against major lawsuits, covering legal fees and damages if you’re sued for defamation, someone else’s harm, or another covered liability incident.

The insurance is most often purchased by high-net-worth individuals, who can be targets of lawsuits and have substantial assets to protect. If you’re unsure whether you should get umbrella insurance, our team here at The Isom Insurance Group can help evaluate your situation.

Do You Need Umbrella Insurance?

Most people who lease their residence don’t need additional liability coverage beyond what a renters policy provides. People usually purchase a house when they accumulate enough wealth to justify additional liability protection. Umbrella insurance policies are commonly purchased in conjunction with home insurance policies.

However, high-net-worth individuals sometimes lease a residence without a primary home. Doctors might rent while taking a one-year contract somewhere (such as Polk County, FL), business professionals on short-term assignments might not purchase a house, and career-focused professionals who expect to be moving regularly might decide to rent. There are other reasons why wealthy individuals might rent.

If this describes your situation and you’re renting in Polk County, FL, umbrella insurance may indeed be appropriate. Contact us at The Isom Insurance Group for help deciding whether you should get the additional liability insurance protection. Our team of agents will be glad to assist you.

Do I need to have an umbrella insurance plan in Florida?

Posted on December 31, 2024January 5, 2025 by admin

Everyone should be aware of and consider liability risks. One way to protect oneself and reduce liability risks in Polk County, FL, is by investing in an umbrella insurance plan. This type of insurance offers blanket liability coverage, and there are several reasons why you might want to have it.

Protection Against Major Claims

One of the primary reasons to get an umbrella insurance plan is to protect against the risk of a major claim. If you are involved in an accident and it’s deemed your fault, you will be required to pay restitution to the other party. While home or auto insurance plans may offer some coverage, they have policy limits. An umbrella insurance plan provides coverage on top of these plans.

Preparation for Unforeseen Risks

There are many liability risks that can be challenging to insure on their own. In these situations, your other liability insurance plans may not provide support. However, a comprehensive umbrella insurance plan offers blanket support, ensuring you are protected against a wide range of risks and situations.

If you are in Polk County, FL, and considering an umbrella insurance plan, contact us at Isom Insurance Group. Our team understands the value of umbrella insurance and can help you create a new plan. We take a customized approach to understand your needs and provide the best possible coverage.

How An Umbrella Policy Will Benefit You as A Business Owner

Posted on September 30, 2024September 29, 2024 by admin

An umbrella policy can shield your company’s assets and be a valuable part of your insurance plan whether you’re a new or existing business owner. If this sounds like the right type of coverage for you, our agents at The Isom Insurance Group are available to help you navigate updating your commercial insurance plan.

Your business may face legal battles, causing financial uncertainty. For example, you will be responsible for securing the services of an attorney needed to manage legal matters.

If your current commercial insurance policy doesn’t adequately cover your business, an umbrella insurance add-on can fill in the gaps. Umbrella coverage handles costs that exceed what a standard policy pays out.

Having this coverage means not having to divert funds from savings, business accounts, or other assets in stressful times. As a result, you can continue running your business without experiencing financial hardship.

Possible legal situations could include bodily or personal injury, legally essential defenses, or property damage; all of these could require you to cover out-of-pocket costs. Review your current commercial insurance policy – your insurance documents will explicitly state the coverage details.

An umbrella insurance plan will be invaluable if your business involves significant investments in machinery, inventory, and other essentials. Unexpected expenses won’t bog you down in case of legal issues.

Having reviewed the basics of umbrella insurance, contact our agents serving Polk County, FL. They can assist in updating your commercial insurance policy as per your requirements.

Top Factors to Consider Umbrella Insurance

Posted on June 28, 2024June 25, 2024 by admin

Purchasing umbrella insurance if you’re a Florida resident is a way to maintain your peace of mind, no matter how many properties and assets you own or have invested in. With extra liability coverage that extends well beyond standard insurance policies, you can ensure your investments are protected year-round. If you’re living in or around Polk County, FL, and are interested in an umbrella insurance policy, The Isom Insurance Group can help you once you’re familiar with common factors most likely to encourage investment in umbrella insurance in the Sunshine State.

Top Factors to Consider for Umbrella Insurance

Before selecting an umbrella insurance policy that is right for your property portfolio, it’s important to consider which motivating factors matter to you. While deciding on a policy, keep the following in mind:

Large or High-Value Portfolio: Protecting multiple assets such as properties, vehicles, and even savings accounts or investments can prevent losses during litigation.
Weather and Natural Disasters: Because living in Florida can pose a higher risk than other states, hurricanes, storms, and flooding must be accounted for with extended umbrella insurance policies.
Risky Activities: Most Florida residents spend plenty of time outdoors. However, additional liability insurance can protect your peace of mind if you’ve invested in jet skis, boats, or even swimming pools.

If you’re a commercial or residential real estate investor in Polk County, FL and you’re interested in extending your insurance coverage, finding the right umbrella insurance policy is key. Working with The Isom Insurance Group, protect your investments and assets beyond standard insurance policies in Florida. To learn more about umbrella insurance policies that may be right for you in Polk County, FL, contact The Isom Insurance Group for your quote and consultation today.

When will having an umbrella insurance plan prove to be a good idea?

Posted on March 29, 2024March 29, 2024 by admin

For Florida residents, managing personal liability risks is essential, especially so for those in Polk County. Securing an umbrella insurance plan can be an excellent option for everyone. This specialized type of insurance offers added protection beyond basic coverage and is invaluable under several circumstances.

Facing a Major Claim

Umbrella insurance proves significantly beneficial when you are confronted with a substantial claim. Home or auto insurance indeed provides some liability insurance, but it might not suffice for covering damages from grave or serious claims. A comprehensive umbrella insurance plan provides you with additional cover over and above your existing policy, ensuring total protection.

Preparing for the Unexpected

An umbrella insurance plan is also recommended as a safety net for unexpected situations. While standard insurance plans offer varied types of liability coverage, having blanket coverage expands your safety net. An umbrella insurance plan provides extra security for a broad range of unforeseen situations and scenarios that could otherwise put you at risk.

The Assurance of Complete Protection

Ensure the right amount of coverage when residing in Polk County, FL. An umbrella insurance plan offers widespread protection. If you’re considering purchasing a policy in the area, contact us at The Isom Insurance Group. With us, you get the required help to adequately shield yourself from umbrella coverage.

The Isom Insurance Group: Your Trusted Partner

At The Isom Insurance Group, our focus is on our clients’ well-being. We understand each individual’s unique needs and help you find the right insurance plan that provides the protection you need. Give us a call today, and let us assist you in safeguarding your future with extensive umbrella coverage.

How Umbrella Insurance Helps You in Legal Actions

Posted on December 20, 2023December 28, 2023 by admin

Legal disputes can be costly and stressful, leaving individuals and families grappling with legal expenses and potential financial ruin. In such situations, umbrella insurance can be a valuable safety net in the Polk County, FL area.

What is Umbrella Insurance?

Umbrella insurance, often called excess liability insurance, is a supplemental policy that extends beyond the coverage limits of your standard liability policies. It is the much-needed protection when a regular policy falls short, leaving you in a bind.

Coverage in Legal Actions

When you face legal action, umbrella insurance can be pivotal to your financial security. Here’s how it helps:

1. Increased Liability Limits

Umbrella insurance typically provides coverage in million-dollar increments, well above the limits of standard insurance policies. This expanded coverage is particularly crucial when you’re found liable for substantial damages or injuries, ensuring you’re not financially devastated.

2. Legal Defense Costs

Legal battles can incur substantial expenses, including lawyer fees, court costs, and settlements. Umbrella insurance can help cover these costs, ensuring access to quality legal representation without depleting your savings.

3. Protection Beyond Home and Auto

Umbrella insurance isn’t limited to protecting you within the confines of your home or vehicle. It offers coverage for various liability scenarios, including libel, slander, false arrest, or even dog bite incidents, giving you peace of mind in different legal situations.

4. Worldwide Coverage

One of the benefits of umbrella insurance is its global reach. Whether you’re facing legal action at home or abroad, this insurance can provide financial security, making it a valuable asset for those who frequently travel or have international exposure.