Personal Umbrella Insurance for Florida’s Retirees

When people transition into retirement, they typically must review their financial situation to ensure they can live comfortably. Most retirees have a plan for how they will afford their lifestyle during retirement, but one often overlooked factor is personal umbrella insurance.

What Is Personal Umbrella Insurance?

Personal umbrella insurance is a type of excess liability coverage that provides financial protection beyond the limits of primary policies, such as auto, home or renters insurance. If a covered liability claim exceeds the limits of a primary policy, umbrella insurance can help cover that extra amount. This coverage is particularly beneficial for retirees who may rely on fixed incomes and need to protect their assets from significant financial loss.

How Can Umbrella Insurance Benefit Retirees?

Umbrella insurance can benefit retirees in the following ways:

• Fixed income protection—Retirees often rely on fixed income sources such as Social Security, pensions or retirement savings. A large liability claim could threaten their financial stability. A personal umbrella insurance policy can help cover legal costs, settlements or judgments that exceed the standard policy limits.
• Asset preservation—A liability claim can put savings, investments and even property at risk. A personal umbrella insurance policy provides extra protection, helping retirees safeguard their financial security.
• Estate planning integration—Without umbrella insurance, a costly liability claim could significantly reduce the wealth intended for heirs. Umbrella insurance helps retirees maintain their financial legacy by shielding assets from unexpected claims.

Learn More

A personal umbrella policy can benefit most people; however, it’s essential to discuss your options with a qualified insurance provider. For personal umbrella insurance near you, contact Wiglesworth-Rindom Insurance Agency.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.