There are so many “rainy days” that people can experience – a sick child, a broken-down car or a late mortgage payment. But what about a lawsuit? These days lawsuits are being filed , not just against big corporations, but also against people like you and me. In the blink of any eye, you could be involved in a car or boating accident, or have someone become injured on your property that could result in litigation against you seeking thousands or even millions of dollars. Even though your primary insurance policies, such as Auto, Homeowners, or Boat owner, may provide substantial liability insurance coverage, it may not be enough. A Personal Liability Umbrella Policy provided additional amount of liability coverage at an affordable price.
What is an umbrella policy? A Personal Liability Umbrella Policy provides additional layers of liability coverage over the liability coverage of your underlying policies. Personal umbrella coverage amounts typically begin at one million dollars and can be increase in increment of one million dollars. Here’s an example of how an umbrella policy could work: Let’s say your car is insured for liability with limits of $250,000 per person. You pull into an intersection, strike another vehicle and severely injure the other driver. This insured person sues you and the judgement against you totals $800,000. Your auto policy will pay the first $250,000 but an umbrella policy would respond for the next $550,000. Also an umbrella policy often insures against some types of losses for which there is no coverage in the underlying policy. Examples of such loss include liable, slander, and defamation of character.
Why have an umbrella policy? The value of a personal liability umbrella policy is to provide higher amounts of liability coverage for an affordable premium. It can help protect the financial asset of your household when you need it the most and can bring confidence knowing that you have the coverage needed to help protect your family.
Find out the latest information on Virginia Umbrella Insurance, and how to get the right protection at the right price. The advice is free the choice is yours. Send me an email to [email protected] or call 703-253-8585
check out my website http://www.craiggriffith.com
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