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.
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.
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.
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:
Insurance companies consider each of these factors when calculating umbrella insurance quotes in order to fully protect you and your family from litigation.
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:
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."
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:
Make sure you inquire about all the available discounts when shopping for umbrella insurance quotes.
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.