In today’s unpredictable world, safeguarding your assets and protecting your financial well-being is paramount. Personal Excess Liability Insurance, often referred to as a Personal Umbrella Policy, serves as an additional layer of protection beyond the coverage provided by your standard insurance policies. In this article, we will explore the key aspects of Personal Excess Liability Insurance, its coverage, and how it differs from traditional liability insurance.

Personal Excess Liability Defined

Personal Excess Liability (PEL) insurance, also known as a Personal Umbrella Policy, is a form of supplementary liability coverage designed to protect individuals and families from significant financial losses. It provides an extra layer of security by extending the liability coverage offered by your primary insurance policies, such as homeowners or auto insurance.

What Does PEL Cover?

Personal Excess Liability coverage typically includes:

  • Bodily Injury Liability: Covers medical expenses and legal costs if you are responsible for injuring someone else.
  • Property Damage Liability: Protects against damages to someone else’s property for which you are liable.
  • Personal Injury Liability: Covers non-physical injuries, such as libel, slander, or defamation.
  • Legal Defense Costs: Assists in covering legal fees, attorney expenses, and court costs.

How Much Excess Liability Do You Need?

Determining the appropriate amount of PEL coverage depends on factors such as your assets, income, and potential risks. It’s advisable to assess your net worth and discuss your specific needs with an insurance professional. Common coverage amounts range from $1 million to $5 million or more.

Excess Liability and Umbrella Insurance

While the terms are used interchangeably, there is no substantive difference between Excess Liability and Umbrella Insurance. Both provide additional coverage when the limits of your underlying policies are exhausted.

Umbrella Policy in Florida

Personal Excess Liability Insurance is particularly relevant in states like Florida, where factors like high-net-worth individuals, increased risk of natural disasters, and a diverse range of recreational activities may necessitate additional liability coverage. Residents of Florida can benefit from the added security that a Personal Umbrella Policy provides.

In the ever-evolving landscape of risks and uncertainties, ensuring your financial security is a priority. PEL Insurance, also known as a Personal Umbrella Policy, offers the extra layer of protection you need. As you navigate life’s twists and turns, consider reaching out to our experienced team at Dunham Insurance. Our experts can guide you through the process of securing a comprehensive Personal Excess Liability Insurance policy tailored to your unique needs, providing peace of mind and safeguarding your financial well-being. Take the next step towards a more secure future – contact us today. Your peace of mind is our priority.