Love Bites—Get Umbrella Coverage | Florida Insurance Agent

by Chuck ARCW on Jul 24, 2014

In today’s economy, everyone is pinching pennies.  So, why worry about umbrella coverage when your Florida insurance agent comes calling?  Shouldn’t your home and auto policy already leave you adequately covered?

Unfortunately, we live in a world of lawsuits.  Large damages can be awarded, be extremely expensive and have long-term financial impact.  Those lawsuits can stem from unlikely sources, such as our furry friends.

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Take Kona for instance.  Kona is a much-loved, rather timid labradoodle who enjoys taking naps on the driveway while his owner mows the lawn.

Kona watched from eight feet away as his neighbor, a 39 year old man, showed off his rollerblading skills to his kids.  The man wiped out on the sidewalk in front of Kona’s house and broke his leg.  He required surgery, costing around $35,000 in medical costs and $18,000 in lost wages.

Fair or not, the man brought a lawsuit against Kona’s owner, suing for $220,000 in damages.  He alleged that Kona had caused the accident by getting in his way, despite multiple witnesses to the contrary.

But Kona’s owner was lucky–a jury vindicated sweet Kona!  However, this blogger (me) was not quite as lucky – not only did we lose our family pet, but according to our Florida insurance agent, our umbrella insurance had to kick in the extra $25,000 that our homeowner’s coverage did not.

It could have been much worse.  Lawsuits such as these can easily exceed the limits on a homeowner’s policy, leaving the insured responsible for the remainder.  An umbrella policy would prevent that, giving you an extra $1 million to $5 million in coverage.

Our furry friends can put your assets at risk in other ways as well.   According to the Center for Disease Control and Prevention, 4.5 million people are bitten by dogs each year, with half of those occurring directly on the owner’s property.  Dog bites, according to the Insurance Information Institute, account for about a third of all homeowner’s insurance claims, which only cover limited damages.

 Protect what you love – including the “Kona” in your family.  Talk to your Florida insurance agent about your umbrella options.

This information is not intended to be exhaustive nor should any discussion or opinions be construed as professional advice.  Should you have any questions or would like to discuss your risk exposure with your homeowners insurance, please contact the Florida insurance agent pros at ARCW Insurance.  We are here to help.