Why You Need Umbrella Insurance

Why You Need Umbrella Insurance

Whether you are a new driver in the city or a new resident looking for insurance in Martinsville, VA, you’ll want the best coverage possible. Most people think of insurance in terms of individual policies, opting for stand-alone policies for their car and their home. For people with limited assets, these individual policies may be enough. However, for people who have accumulated assets, purchasing an umbrella policy can give them added protection from liability.

Most auto and homeowner policies do contain basic liability protection. However, the limits for personal injury and liability claims are generally quite limited. When you consider all of the potential causes for a claim, which includes everything from a guest slipping and falling on an icy patch on your driveway to a boating accident with a boat filled with people, the potential damages can easily exceed the limits on individual policies.

Umbrella policies give additional coverage to protect your assets. An umbrella policy provides broad coverage that goes beyond your individual policies like homeowners, auto, or recreational vehicle insurance. Not only do umbrella policies cover liability damages, they also frequently cover the costs of legal representation in the case of a liability lawsuit. When you’ve built a nest egg or finally saved up for retirement, the last thing you want to do is risk those assets in a lawsuit. Purchasing umbrella insurance in Martinsville, VA can help you rest easy, knowing you’ve protected your hard-earned assets.