There are many people who believe that purchasing a home insurance and auto insurance policy will fully protect them in the event of a claim. However, it is important to also purchase an umbrella policy to make sure you do not end up paying out of pocket for damages. If you live in the Virginia Beach, VA area and are not sure if you have umbrella coverage, reach out to an agent at Armor Insurance Group today.
One of the most important reasons for an umbrella policy is that many people are not aware of how quickly their primary policy coverage can run out in the event of an accident.
In the event you run out of limits on your primary policy, the umbrella policy will step in and cover the claim up until the umbrella limits. If you are an individual with a high net worth the likelihood that you will be sued for most if not all of your assets following an accident is high. With the protection of an umbrella policy, you will be able to shield your assets.
An umbrella policy is also critical if you engage in activities that increase your chances of being sued for a large sum. Some of these activities include but are not limited to having a swimming pool, carpooling with other children on a regular basis, ATV driving and entertaining large groups at your home. Any activity that increases your chances of being sued for a large sum due to bodily injury or property damage should be insured with an Umbrella Policy.
If you live in the Virginia Beach, VA area and you are inserted in learning more about umbrella coverage, please reach out to an agent at Armor Insurance Group today.