Umbrella Insurance

While buying insurance, most people think of auto, home, commercial, or life insurance. Not many consider umbrella insurance or even understand what it is. As Teagle Insurance Agency Inc. explains, this is a policy that comes in handy by offering additional protection when you have exhausted your standard policy. Here is what Virginia residents need to know about this policy and what it covers.

Bodily Injury Liability

If you are held liable for bodily harm unintentionally caused to others, and your standard insurance runs out, umbrella insurance helps cover the additional liability. For instance, if you get into a severe car accident involving several people and all suffer injuries, your standard auto policy will probably not be enough to cover the medical expenses. Your umbrella policy helps cover what is left on top.

Property Damage Liability

This type of liability involves properties where you cause damage to a third party's belongings. After your standard policy has run out, the policy will help pay for the additional cost of replacing or repairing the damaged item.

Landlord Liability Claims

If someone gets hurt or their property is damaged at your rental property due to a faulty structure, they can sue you for negligence. Umbrella insurance helps cover the extra expenses if your current landlord insurance is not enough to cover the claim.

General Liability Claims

On most occasions, general liability claims are often omitted from standard policies like auto, home, business, or boat. That means if anything happens, you will cover those damages from out of pocket. Umbrella insurance helps cover general claims like libel, slander, or malicious prosecution. It will also offer compensation when sued for certain things like false imprisonment or mental anguish.

A common myth surrounding umbrella insurance is that it is only for the wealthy. However, everyone needs to consider this policy as they can benefit from it. Virginia residents looking to know more about umbrella insurance can contact Teagle Insurance Agency Inc. for assistance. Our agents will make sure you understand the policy and help you purchase it for extra protection.