Why Should You get an Umbrella Insurance Policy?

1) What an umbrella is?

Looking for insurance agency in Alexandria? Well, here is something you need to pay heed to. You might know what an umbrella is, but do you know about the umbrella insurance policy?

Many people are of the pinion that umbrella insurance policy is only for the wealthy, but that’s just not true. An umbrella insurance policy provides an additional level of security for your family when medical, legal, and property damages extend beyond what your home and auto policies encompass.

For instance, you met a car accident that resulted in $1 million of medical expenses. However, your health injury coverage under your auto insurance policy limit is $500,000.

2) Umbrella insurance policy

Here, an umbrella insurance policy covers the remaining amount so as to avoid future garnishment of your wages or other legal proceedings. Below mentioned are the reasons to consider an umbrella insurance policy: Claims can be expensive If you don’t have enough insurance, undoubtedly you are taking on a lot of risk.

For example, in California, drivers are required to have coverage for at least $15000 for injury or death of one person, $30,000 for injury or death of two and $5000 for property damage.

But someone having the minimum coverage may find that it is just not enough because damage to a single car can easily surpass $5000 and the cost of medical treatment could easily go beyond $15000 if the injuries are long term or if any surgery is required.

3) How to get that extra coverage!

Therefore, it is evident that minimum is not enough. And this is where an umbrella insurance policy makes it easy to get that extra coverage, not just for your auto insurance, but also for multiple personal liability insurance policies at once.

Coverage for Lawsuits Umbrella insurance policy shields you from expensive lawsuits. For instance, if someone gets injured on your property or if your German shepherd bites someone in the neighbor, the following lawsuit could be very expensive. In 2017, a dog bite led to a settlement of $1.75 million in New Jersey.

Well, umbrella insurance provides coverage for all types of lawsuits, like slander and libel. Umbrella Insurance is Affordable Though umbrella insurance policy provides additional coverage, it doesn’t means that it is expensive. The premiums of umbrella insurance is pretty affordable.

4) Get the right umbrella insurance policy

As per the Insurance Information Institute, you can avail $1000000 in coverage for as little as $150-$300 annually. And if you are looking for higher limits, they come at even a much better deal. You have many things to bother about in your life, so don’t add insurance concerns to the list that
keeps you up at nights.

With the right umbrella insurance policy, be rest assured that you will be protected even in the worst of conditions. Search the best Alexandria insurance agency and choose the best policy!

References:
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