Top 5 Reasons to Buy a Personal Umbrella Insurance Policy
When it comes to protecting your assets and finances, a basic insurance policy may not provide enough coverage in our litigious society. A personal excess liability policy (also known as a personal umbrella insurance policy) can give you an extra layer of liability protection that kicks in when your other insurance policies reach their limits. Here are the top 5 reasons why you should consider purchasing personal umbrella insurance:
1. Provide extra liability coverage
A personal umbrella policy provides supplemental liability coverage above and beyond what your home, auto, watercraft, or other standard insurance policies cover. With million-dollar lawsuits becoming more common, the extra coverage from an umbrella policy can be essential for covering legal fees, settlements or judgments that exceed your primary insurance limits.
2. Protect your assets
If you have significant assets like a home, investments, savings, etc., they could potentially be seized to cover damages from a major liability claim or lawsuit against you. An umbrella policy helps safeguard your hard-earned assets by providing higher liability limits.
3. Cover unique situations
Umbrella insurance can cover you for liability claims that may not be included under your standard policies, like false arrest, libel, slander, invasion of privacy and more. It can also provide coverage if you get sued for something unrelated to auto or home occurrences.
4. Relatively inexpensive
For the substantial increase in coverage, umbrella insurance tends to be quite affordable, often adding just a few hundred dollars annually to the cost of your existing insurance premiums.
5. Rental property coverage
If you are a landlord with rental properties, an umbrella policy can cover liability claims brought by tenants for injuries on your property above what your landlord insurance covers.
With its low cost relative to the high liability limits it provides, a personal umbrella insurance policy offers excellent peace of mind. It could be the difference between being financially ruined or having your assets properly protected.
ABOUT COVA INSURANCE
COVA Insurance has been meeting the needs of our customers since 2019. As a full-service insurance agency built on the foundation of customer loyalty and trust, our aim is to develop long-term relationships with our clients.
We serve the Hampton Roads Area as well as all of Coastal and Inland Virginia. We hold insurance licenses in Virginia, North & South Carolina, Tennessee, Kentucky, Pennsylvania, Maryland, and Florida.