What Assets Are Covered With Umbrella Insurance?

If you’re considering adding umbrella insurance to your home policy, it’s important to remember that while some assets are covered, you’ll need protection if you’re found liable for damages exceeding your standard liability coverage.

Real Estate

Any real estate you own, including your primary residence, vacation properties, rental properties, or land, should be covered by your umbrella insurance policy. These assets are typically the first to be frozen and sold if you can’t pay for damages. You should ensure these properties are included in your insurance policy, considering their current value and adding at least 10 percent to account for future value.

Vehicles and Recreational Equipment

All vehicles you own, including any classic cars, should be covered. Additionally, recreational equipment such as ATVs, UTVs, boats, watercraft, and RVs should be included. These items can be quickly sold at estate sales to cover expenses and damages, so your umbrella insurance must cover their combined value.

Financial Accounts and Investments

Your checking and savings accounts and any stocks you own can also be frozen and sold to pay for damages. You can protect their current value and anticipated future worth with umbrella insurance. It’s important to have enough umbrella insurance to cover these accounts so you don’t have to liquidate them.

When setting up your umbrella insurance policy, ensure it covers at least the current value of your assets. It’s good practice to add at least 10 percent to that number to account for future increases in net worth.

If you’re in or around Brandon, FL, contact our agents at Runnels Insurance for more information on umbrella insurance.

Your Ultimate Partner in Commercial Property Insurance

Owning a commercial building comes with its own set of challenges and responsibilities. Ensuring your buildings are protected against various risks is crucial, but it can be daunting to navigate the complexities of insurance policies and coverages. That’s where our expertise comes in.

At Runnels Insurance, we specialize in commercial property insurance, offering tailored solutions for landlords and commercial real estate investors. As an independent agency, we have the advantage of shopping around for you, checking dozens of insurance companies to find the best policy and the best rate.

Why Choose Us?

1. Comprehensive Coverage

We can design a policy that extends to inventory, equipment, tools, and more. Whether it’s a small office building or a large industrial complex, we have you covered.

2. Tailored Solutions and Protection Against Most Disasters

Natural and manmade disasters can strike unexpectedly. We provide coverage for wind, named storms, hurricanes, fires, and other unforeseen events. Many building owners don’t spend much time thinking about the proper coverage for their buildings. With our expertise, we can help you choose the best policy that fits your specific needs. We take the time to understand your unique situation and offer personalized recommendations. You can have peace of mind knowing that your property is safeguarded against a wide range of risks.

3. Independent Advantage

Being an independent agency means we work for you, not the insurance companies. We have the freedom to explore multiple options and provide unbiased advice. Our goal is to ensure you get the most suitable coverage at the most competitive rate.

Let Us Be Your Insurance Partner

Navigating the world of commercial property insurance doesn’t have to be overwhelming. Let us do the heavy lifting for you. With our extensive network of insurance providers and in-depth knowledge of the industry, we are committed to finding the best solutions to protect your valuable assets.

Contact Larry Johnson today at 813-653-0681 or email him at larry@runnelsinsurance.com to discuss your insurance needs. We proudly serve all of Florida, not just Hillsborough County. Discover how we can help secure your commercial properties. Your peace of mind is our priority.