Personal Insurance:
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Personal Liability/Umbrella Insurance
Nobody’s perfect. That’s why you buy liability insurance: You can avoid financial ruin if you accidentally cause major injuries or property damage to others. Problem is, your insurance isn’t perfect, either. That’s where a personal umbrella insurance policy comes in.If you’re sued for damages that exceed the liability limits of your car insurance, homeowners insurance, boat insurance or some other policies, an umbrella policy helps pay what you owe.
Note that umbrella insurance is similar but not identical to excess liability insurance, which gives you higher limits on the liability coverage you already have. What’s the difference? Most umbrella insurance also provides additional coverage that’s not included in your base insurance policies, such as paying out for legal fees and damages if you’re accused of slander (a false spoken statement) or libel (a false written statement).
Inland Marine Insurance
Floater insurance is a type of insurance policy that covers personal property that is easily movable and provides additional coverage over what normal insurance policies do not. Also known as a “personal property floater,” it can cover anything from jewelry and furs to expensive stereo equipment.
Homeowners insurance often will not fully cover some items. Adding a floater policy assures the homeowner that the full value will be replaced in the event of theft, loss, or damage. These policies generally cover one individual item, so if you have several items for which you want full coverage, you will need to get a floater for each.
