Personal Umbrella Insurance
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Personal Umbrella Insurance Information
Huffman Insurance believes that though you might buy insurance today, you should have a guarantee of optimized coverage for years to come. Our clients throughout Virginia trust us with their policy needs, and we’ve built partnerships throughout Lexington and the surrounding community that will always withstand the test of time. If you come to us, then you can rest assured that we always have your best interests at heart.
When putting together your personal liability insurance policies, you might wonder whether your standard benefits will offer you the level of benefits you realistically need. To get that reassurance, consider investing in an umbrella liability insurance policy. It guarantees that even in cases of significant liability claims, you will have quality benefits to come to your aid.
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Common Umbrella Insurance Questions:
What is umbrella insurance?
A standard liability insurance policy will offer you protection if you must take responsibility for harm you caused to another person. For example, if you cause a car wreck, then your auto liability policy will pay for damage or injuries that the accident caused another driver.
Your liability insurance policy will have a maximum limit attached, and once it pays up to that limit, then you will have no more coverage. However, if you have umbrella liability insurance policy, then you can file a claim against that plan for the residual value remaining on the third party’s claim. Therefore, you can still settle your differences with them without facing a personal financial strain.
What does an umbrella liability policy cover?
A single personal umbrella policy can be used in conjunction with numerous policies at the same time, including:
To use this plan, you would first have to file a claim against your personal liability policy. Once that policy has maxed out its benefits, you can turn to your umbrella policy to cover the difference.
Most policies will offer at least $1 million in additional protection, and many will cover liabilities that aren’t covered at all by your basic policies.
Why do you need umbrella insurance?
By getting a personal umbrella policy, you’ll open yourself up to a significant amount of additional protection.
Suppose that you have homeowners insurance with a liability limit of $500,000. However, a neighbor falls down your steps, sustains a severe injury and sues you for $2 million worth of medical bills, lost income and other damages. That’s a $1.5 million difference between what you owe this neighbor and what your homeowners liability policy is going to pay. You can turn to your umbrella policy to cover the difference.
When should you get umbrella insurance?
There’s no time like the present to get an umbrella policy. They are highly affordable, flexible and easily integrated into your personal insurance portfolio. In the end, you’ll be glad that you have this benefit if the need ever arises where you must use it.