Fort Myers Office

2120 West First Street

Fort Myers, FL 33901

When it rains, it pours…

You do not have to be a millionaire to be sued like one. Million-dollar judgments against individuals for negligence are still relatively rare. However, receiving a lawsuit with a million-dollar demand is more common. If you receive such a court summons and you have only $100,000 of coverage, you may lose a lot of sleep.

Umbrella policies offer inexpensive peace of mind for most types of negligence claims. Automobile accidents are probably the most common source of serious claims. This policy supplements your basic automobile liability with extra million-dollar layers of protection. It also covers other types of catastrophic claims such as a neighbors child drowning in your pool or the delivery man being seriously injured by falling over your childs toys.

With a sharp increase in the number of law suits and their subsequent demands for higher recovery – it’s worth talking to your agent about. Lott & Gaylor has provided umbrella policies to our clients for over thirty years here in Fort Myers, Cape Coral and Naples Florida. While many people perceive umbrella’s as only an extra layer of protection above and beyond their auto and home liability limits; many umbrella insurance policy’s also broaden coverages to the point where they actually cover some losses that are typically excluded on the standard home and auto liability forms.

What is umbrella insurance?

You never know when it might rain. So, just like the name implies, this type of policy acts like an umbrella, providing protection against a wide range of potential financial dangers and unforeseeable mishaps.

Umbrella insurance does not cover:

  • Your own medical expenses
  • Losses to your property

However, what exactly is covered by your umbrella policy depends on how you decide to set it up. In most cases, umbrella insurance protects you from:

  • Injuries you cause in a car accident
  • Injuries someone suffers on your property
  • Property damage you cause in an accident
  • Property damage your pet causes
  • Property damage a dependent or child causes
  • Attorney fees and other legal costs

Yes, your existing insurance may protect you to an extent, but an umbrella policy goes much further for less cost than upping the limits on your existing policy because it covers for different types of risks. Umbrella insurance is also portable, in most cases, so it can follow you when and wherever you travel.

Since the terms of umbrella insurance policies will vary, depending on insurance companies and your own personal needs, a qualified insurance agent from our firm is the best person with whom to discuss the benefits, restrictions, and coverage from each carrier they represent.

Are umbrella policies expensive?

Relative to the amount of protection you get, umbrella insurance is highly affordable. Especially since it’s unlikely you will ever have to make a claim against it. So, your specific cost will be determined by:

  • The amount of coverage you purchase
  • Your insurance carrier’s provisions
  • Your risk profile and driving record

You may save even more money by purchasing umbrella insurance from the same carrier who provides your home and/or auto insurance-check with us to make sure.

Tell me again why I need Umbrella Insurance?

A long time ago, you set some goals, made a plan, worked hard, and got “there.” As you did, you accumulated possessions. Not to be ostentatious, but enough to make you and your loved ones comfortable.

You are rightly proud of these accomplishments. In fact, you have protected them with the best insurance you could.

Now, you need extra protection, an umbrella insurance policy. A policy that will cover you above and beyond what any single policy might cover.

For example: What are your limits on your auto and home liability policies: $300,000 to $500,000?

Okay, you say, the insurance will cover it. But what if the amount is over the policy limits? (That happens, especially if you have nice things.)

Your standard home or auto policy is likely not going to be enough to cover what the plaintiff is asking for.

How will you pay the judgment? How will you even defend yourself in such a lawsuit? Can you actually lose all you have strived for?

You bet you can. Not only can you lose what you worked for, you can lose part of your wages for the rest of your working life. (Most people don’t know this.)

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