In most cases, when there is an accident in Richmond, VA, the claimant ends up settling with the insurance company. However, if the person at fault has a lot of personal wealth, there is a risk that the claimant will continue with a lawsuit to seek additional damages. Therefore, those with a substantial amount of assets may want to consider purchasing an umbrella insurance policy.
For help determining if umbrella insurance is needed, reach out to our agents at Cary-Wheeler & Associates Inc. We can help you understand what umbrella insurance is and how much coverage you need.
Who Should Buy Umbrella Insurance?
Some of the most significant factors in determining if you need umbrella insurance are where you live, what you do for a living, and how many assets you have. Those who live extravagant lifestyles, have high-paying jobs, or a lot of assets are the ones who should consider purchasing umbrella insurance. Additionally, those who live in areas prone to lawsuits or those who take many risks should also consider buying umbrella insurance.
How Much Insurance Do I Need?
Only you can decide how much coverage to purchase when selecting an umbrella policy. Typically, it is best to get coverage limits equal to your net worth, plus your current income stream value. You want to ensure you have enough coverage so in the event of a lawsuit, you do not have to liquidate any of your assets or investments to pay the claim.
Umbrella insurance is not for everyone. Those who do not fit in any of the categories mentioned above may not need to purchase an umbrella policy in Richmond, VA. Those seeking to buy an umbrella policy must first have primary insurance and should contact our agents at Cary-Wheeler & Associates Inc. for any questions about umbrella coverage.