At times, your standard insurance may not be enough to protect you from significant claims or lawsuits when you reside in Virginia. Even when you have an excellent indemnity plan, you can find yourself in a bind when your policy fails to cover an event. This is where an umbrella insurance policy comes in handy when you have exhausted the limits of your standard policy. As much as this type of insurance is not required by law, it has many benefits, including cushioning you from a financial loss. To help you understand, Smith Insurance Agency takes you through some things to consider when buying this policy.
When you are unsure of what you have, it can be hard to determine your needs. Therefore, first, analyze your current policy to know what you need. One of the questions to ask yourself is whether your coverage limit is enough if you face any risk. Suppose the coverage limit is not enough to cover things like medical expenses, the cost to repair or replace damaged property or cover legal fees. In that case, you might want to consider umbrella insurance.
Analyze any asset you own, including retirement accounts and stock. The more you have, the higher your risk factor if you get sued. If you own many assets, you might therefore need more coverage when purchasing an umbrella insurance policy.
Everyone faces a degree of risk, with some facing more risks than others. The more risks you are exposed to, the higher the chances of a loss occurring, which increases a liability suit. For instance, a homeowner with an aggressive dog faces a higher risk of being sued, requiring extra protection.
If you are looking to purchase umbrella insurance in Virginia, consider speaking to the Smith Insurance Agency team. Our skilled agents are ready to assist you in finding an umbrella insurance policy that offers the extra coverage you need.