Umbrella Insurance in Virginia
Despite economic recessions, the prices of property continue to rise. This means that a minor mishap can cost a lot of money. Fender benders that used to cost just a couple hundred dollars can now cost a couple of thousand. The smallest of accidents can, now, cost hundreds of thousands of dollars. If something was to happen on your property, or under your control, that resulted in more damage than the cap of your insurance, you are personally liable. An umbrella policy from Cary-Wheeler & Associates Inc., of Richmond, VA, can keep you from having to pay that out of pocket.
What is Virginia Umbrella Coverage?
A common misconception about umbrella coverage is that it is a catch-all. The fact is that it is liability coverage that protects you when you are at fault. Also, it doesn’t begin coverage until any primary coverage (such as auto, homeowners, or renters) has been entirely used. Rather than increasing the numbers of current coverage, it is an independent policy that works in addition to current policies.
If you are entertaining guests at your home as one has a fall that results in needing immediate medical attention, you will be liable for the costs of the injury. Lost wages or necessary future therapies can also be added. Should you have $100,000 in medical coverage, yet the expenses exceed that amount, you are still liable. This is the point where umbrella insurance would begin its coverage, up to a predetermined amount.
Umbrella policies often require that more than just minimum coverages be obtained, considering the purpose is to cover higher amounts of damage. The number used in the above example was merely to keep the scenario simple - it may be required to have a higher coverage amount.
Should I Get an Umbrella Policy?
This is not a simple yes or no for any given situation. In some instances, a large enough base policy may be plenty of protection. Speak with a professional at Cary-Wheeler & Associates Inc., of Richmond, VA, to find out how umbrella policies may keep you dry on a rainy day.