Virginia Umbrella Insurance

Umbrella Insurance in Virginia: The Basics

Whether you live on the coast of Virginia or deep in the mountains, you probably enjoy many of the activities Virginia has to offer. Unfortunately, accidents happen. And accidents that involve money can prove disastrous. One sure-fire way to protect yourself is to have an umbrella insurance policy in place to guard against litigation, slander or excess liability. But make sure you get quotes from reliable insurers before you get your umbrella coverage.

Litigation Facts in Virginia

  • Plaintiffs win 55% of tort trials in the United States.
  • In 2009, 570 trials went to a jury.
  • 13% of personal injury liability awards and settlements are for $1 million or more.
  • 31% of all trials are civil cases.
  • On average, one in five people with considerable wealth do not have umbrella coverage.

Courts preside over lawsuits almost every day. These lawsuits can range from personal injury cases to criminal cases or even contract cases.

If you are a wealthy individual, you are more likely to be involved in a lawsuit. The more assets you have, the more you are worth. Small accidents on your property or behind the wheel can result in hefty financial responsibilities. Having umbrella insurance in place can help protect you from liability-related lawsuits.

Why You Need an Umbrella Insurance Policy in VA

There’s a reason why insurers call it umbrella insurance. It is essentially an "umbrella" of coverage over your primary insurance policies. It raises your liability coverage on all of your policies and even protects you from things your current policies don't cover. For instance, if your current auto insurance offers you $200,000 in liability coverage and you are at fault in an accident where the medical bills are $350,000, you will be responsible for the extra $150,000. With a $1 million extra insurance policy in place, however, your extra liability insurance increases to $1.2 million. This means that your umbrella insurance will cover the $150,000 overage. This same principal applies to your homeowners, boat or aircraft insurance.

As stated above, the more you own, the more you're worth. High worth individuals are typically deemed more "at risk" for lawsuits and judgments. A major way to be sure that litigation doesn’t leave you responsible for damages is to have an umbrella insurance policy to protect all your assets.

How Much Are Average Umbrella Insurance Quotes?

Insurers typically sell umbrella insurance in $1 million increments. On average, $1 million in umbrella insurance quotes will total $380 per year. And every $1 million policy you purchase, in addition to the first, is usually a lower price.

In order to get accurate umbrella insurance quotes, it's important to be familiar with the following factors:

  • Your home's value
  • Your lifestyle
  • Any assets you own, such as cars or homes
  • Any lifestyle-related amenities you own, such as a boat, TV or aircraft
  • Any antiques or collections you own
  • Any pets you own
  • Any children
  • Your credit history
  • Your driving record
  • Activities that visitors may engage in when visiting (horseback riding, boating, hiking, etc.)
  • Any investments or savings you own
  • Your current liability limits
  • Any business assets you need to protect

Insurance companies consider each of these factors when calculating umbrella insurance quotes in order to fully protect you and your family from litigation.

Can an Umbrella Policy Cover More than the Basics?

An umbrella policy doesn't just raise your liability limits; it also extends your liability coverage to cover incidents that typical insurance policies may not cover. An umbrella insurance policy will typically cover the following incidents:

  • Dog bites
  • False arrest
  • Slander
  • Libel

Your personal umbrella insurance may cover more or fewer of these items, so it's important to discuss any specific items you would like to cover when getting umbrella insurance quotes. Additionally, umbrella insurance will not usually cover incidents that your existing insurance company deems "uncovered."

Are There Discounts Available on Umbrella Insurance Policies?

When shopping for umbrella insurance quotes, it's important to make sure you're getting the most out of your investment. Just like homeowners insurance and auto insurance, there may be discounts available on your umbrella insurance policy such as the following:

  • Multi-policy discount
  • Good driver discount
  • Loyal customer discount
  • New customer discount
  • Age discount
  • Good credit discount
  • Claims-free discount
  • Industry affiliation discount
  • Military discount

Make sure you inquire about all the available discounts when shopping for umbrella insurance quotes.

How to Get Umbrella Insurance in Virginia

When considering covering your lifestyle with umbrella insurance, it's important to speak with a professional. A Trusted Choice® agent is always available to discuss coverage options and discounts, and even file a claim.

Contact a local Trusted Choice agent for more information.

Now, who's ready to get their insurance problems solved?