Bodily Injury Costs Increase in Florida, According to Mercury Insurance

Core Insights - Mercury Insurance has launched a new personal umbrella insurance policy aimed at providing enhanced protection for Floridians against rising bodily injury claims, which have increased by 35% since the pandemic began [1][2]. Group 1: Product Offering - The new umbrella insurance policy offers additional coverage for liability claims that exceed traditional policy limits, starting at just over $1 per day [2]. - Key features of the updated umbrella product include tailored protection based on individual needs, designed to safeguard homes and valuables against unexpected legal judgments [5]. Group 2: Market Context - The trend of rising liability injury claims is particularly relevant for home and auto owners, prompting the introduction of this insurance product [2]. - Florida marks the seventh state for the launch of this expanded insurance offering, following California, Texas, Oklahoma, Illinois, Arizona, and Georgia [4]. Group 3: Customer Education - The importance of umbrella insurance is highlighted through a cautionary tale of a policyholder who faced significant out-of-pocket expenses due to inadequate coverage limits after causing an accident [4]. - Umbrella insurance is recommended as a means to protect net worth in the event of a lawsuit, complementing existing car and home insurance policies [3]. Group 4: Company Background - Mercury Insurance is a multi-line insurance carrier that provides personal auto, homeowners, renters, and commercial insurance across various states, including Florida [6]. - The company has been recognized for its competitive rates and excellent customer service, earning an "A" rating from A.M. Best and accolades from Forbes and Insure.com [7].