Umbrella Coverage Information
Umbrella Insurance in Danville, Spencer, & Lynchburg VA
Schoonover Insurance Group is one of Danville’s most trusted local insurance providers, and our promise is to help every client get the optimized coverage for all of their day-to-day needs. We want your future to be secure, and we will ensure that you get that security by providing you with the perfect policies to use in all parts of your life.
Nearly all of your personal insurance policies will include liability coverage, but these policies will include limits that might not cover the full extent of an applicable claim. To make sure you’re covered anyway, invest in an umbrella liability policy. It will be there to make sure you never face the risk of an insurmountable liability claim, lawsuit or other loss.
To get your policy now, just call us at 434-792-5800 or request your free quote online now!
Common Umbrella Insurance Questions
What is umbrella insurance?
Under your average home, auto or other personal insurance policy, the liability benefit will offer you coverage in case you must take responsibility for your mistakes that harm others. The plan will enable you to compensate those affected by your mistakes for the losses they sustained.
However, once your liability policy pays up to its limits, then you could potentially face a scenario where you still owe money to the claimant. That’s where umbrella liability coverage will step in. It will provide you with additional liability benefits once your existing plans stop paying. With it, you’ll be able to settle your losses with those to whom you owe money, with a minimal financial loss to yourself.
How does umbrella insurance work?
A single personal umbrella policy can apply to numerous liability policies at the same time, including:
To use your umbrella plan, you must first file a claim against your existing liability benefits. Those plans will pay up to their limits, at which time you can turn to your umbrella plan to pay the residual costs.
Most plans offer a basic limit of at least $1 million, and you can buy higher limits from there. Some umbrella plans will even cover liabilities that are not insured by your basic plan. So, if you ever find yourself lacking coverage in one place, then you might find the solution in your umbrella plan.
Why do you need umbrella insurance?
You can’t guarantee that every instance of third-party harm will fall neatly into the limits of your standard liability benefits. Umbrella liability benefits will be there to protect you just in case.
Suppose that you have homeowners insurance with a liability limit of $500,000. A neighbor falls down your steps, sustains a severe injury, and sues you for $2 million worth of medical bills, lost income and other damages. That’s a $1.5 million difference between what you owe this neighbor. Umbrella liability insurance will help you pay for that gap in coverage.
When should you get umbrella insurance?
This affordable coverage will go above and beyond to help you get away from some of the most challenging accidents that life might throw your way. Though you never want to be in a position to have to use the plan, they will be there nonetheless in case of a worst-case scenario. These policies are also highly affordable, especially when weighing the significant and diverse benefits that you can recoup from your plan when the need arises.