When a serious car accident happens, most people focus on injuries, vehicle damage, or how to deal with insurance companies. But there’s another issue that many Florida drivers overlook — your personal assets could be at risk, especially if you are found at fault and do not have adequate insurance coverage.
Senior Partner David L. Goldman, who has represented Florida accident victims for more than 30 years, explains how drivers can safeguard their home, savings, and financial future both before and after a crash.
1. Carry Adequate Auto Insurance — More Than Florida Requires
Florida does not require bodily injury liability coverage, which means many drivers carry no protection at all if they severely injure someone.
To protect your assets, Mr. Goldman recommends carrying:
- At least $100,000 in bodily injury liability coverage (more if you can)
- Higher limits if you own a home, have savings, or have significant personal assets
Without proper coverage, an injured party can pursue a judgment that puts your property or savings at risk.
2. Increase Your Property Damage Liability Limits
Florida only requires $10,000 in property damage coverage — an amount that is rarely enough.
A typical crash involving:
- A luxury vehicle
- A commercial truck
- Multiple cars
…can exceed that minimum within minutes.
Mr. Goldman recommends carrying $50,000 or more in property damage liability to ensure you’re protected if you cause substantial damage.
3. Add an Umbrella Policy for Extra Protection
An umbrella policy sits on top of your auto insurance and provides an additional $1 million or more in protection.
For most Florida families, an umbrella policy is one of the most cost-effective tools to protect assets such as:
- Your home
- Savings and investment accounts
- Future earnings
- Other real property
This policy can make the difference between a manageable claim and a financially devastating lawsuit.
4. Know Florida’s Built-In Asset Protections
Florida provides several legal protections that automatically apply to many residents:
Homestead Exemption
Your primary residence is protected from most creditors, including judgments related to auto accidents.
Retirement Accounts
Most IRAs, pensions, and 401(k)s are protected from civil judgments.
Tenancy by the Entirety
Property jointly owned by spouses may be protected if only one partner is responsible for the accident.
These protections can be powerful — but they don’t replace the need for adequate insurance.
5. Never Transfer Assets After a Crash
Many drivers make a major mistake after an accident by moving money or transferring property in an attempt to “shield” assets.
This can be considered fraudulent conveyance, which not only fails to protect you but can expose you to additional penalties.
If you believe a claim may exceed your insurance limits, consult an attorney before taking any financial actions.
6. If You Are Sued, Contact Your Insurance Company Immediately
If you receive a lawsuit after a crash:
- Notify your insurance company right away — they must provide a defense attorney
- Never ignore legal paperwork — a default judgment could put your assets at immediate risk
- Keep all correspondence and avoid discussing the case with anyone other than your insurer or attorney
Your insurance company has a legal duty to defend you and negotiate or settle within your policy limits.
A Note From David L. Goldman
For more than three decades, Attorney Goldman has helped Florida families protect their rights after serious accidents. He regularly represents clients in high-stakes injury claims and has been recognized with top peer-review honors, including the AV Preeminent Rating and membership in leading national trial lawyer organizations.
You Deserve Protection, Clarity, and Confidence
At Goldman Babboni Fernandez Murphy & Walsh, every case is led by a senior partner with decades of experience — never handed off. Our firm brings over 150 years of combined legal experience, more than $500 million recovered for injured clients, and a reputation supported by a 4.9 Google rating, 10/10 AVVO rating, and AV Preeminent® recognition.
If you have questions about insurance coverage, asset protection, or what to do after a crash, we’re here to help.
Call (941) 954-1234
You Deserve More. Real Support. Real Advocacy. Justice Pays®.
