Experiencing a major insurance claim or lawsuit could lead to personal financial loss if costs exceed coverage provided by your standard homeowners and auto policies. We’ll help protect your financial future.
Umbrella Insurance in Alexandria, VA has an unusual name, but it’s a simple concept: it’s an extra liability policy for added peace of mind. Most commonly, umbrella insurance is something you get in addition to either a car insurance or homeowners insurance policy.
Umbrella insurance is specifically about liability, which is the cost you might have to pay to somebody else for an unfortunate event where you are held responsible. Umbrella Liability Insurance in Alexandria, Virginia does not usually include losses you bear yourself, such as when your property is damaged or your possessions are stolen.
You’d usually get umbrella insurance when your main insurance policy has liability coverage limits that are too low for your needs. Umbrella insurance will only pay out when your main policy has already paid out in full, and it will only pay out the remainder of your costs.
For example, if your auto policy covers liability up to $500,000 but you cause an accident that leaves the other driver with medical bills of $600,000, your main policy will pay out in full, and the umbrella insurance policy will kick in for the remaining $100,000.
The umbrella insurance policy itself will have its own limit, but this is less likely to be an issue. An umbrella insurance policy can be cheaper than you might think. While it covers large potential payouts, the premium usually reflects the reduced risk that the policy will need to pay out.
Talk with an Umbrella Insurance Agent in Alexandria, VA about adding a cost-effective umbrella insurance policy to your account. It’s easy and provides the additional protection needed to protect you and your family.
It provides additional liability protection when the limits of an underlying homeowners, auto, or other qualifying policy are exhausted after a covered claim.
Extra protection may be useful for people with considerable assets, frequent visitors, rental properties, young drivers, recreational vehicles, or other situations that may increase liability exposure.
Generally, no. It primarily covers liability claims involving injuries or property damage suffered by others when you are legally responsible.
Available limits depend on the insurance company and your existing policies. An agent can review your risks, assets, and underlying coverage to recommend an appropriate amount.
It is often more affordable than people expect because it applies after underlying policy limits have been reached. The final premium depends on coverage limits and individual risk factors.
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