What To Know About Umbrella Insurance Requirements

One of the concerns you may have about your homeowners’ insurance in Glen Allen, VA, is whether there is enough coverage. A variety of things can happen that can deplete your policy’s limits. This brings up the question about whether you should have umbrella insurance. And if you do, what are the requirements? At Everett Insurance, we’ll help sort out the information with you about what you need to purchase an umbrella policy. 

What is Umbrella Insurance?

Think of umbrella insurance as your protection the same way an umbrella protects you. It is a layer of protection for you and your assets. While your homeowner’s insurance policy provides coverage up to its limits, an umbrella policy can pick up where your homeowner’s policy leaves off once the policy limits are exhausted. 

Requirements for Umbrella Insurance

In Virginia, you must have primary liability coverage with standard limits on your auto insurance for each person and for each occurrence. There is also a minimum limit for your homeowner’s policy and for renters who are considering an umbrella policy.

It is also important to examine your assets and purchase a policy that exceeds your net worth. Things like investments, retirement accounts, home equity, and savings accounts should be considered.

Some but not all insurers may require that you bundle your auto and home or renter’s insurance through the same company issuing the umbrella policy.

Other Considerations

You may also want to consider protection against uninsured and underinsured coverage. Also, the state adheres to the pure contributory negligence doctrine that can work for or against you.

Contact Us

Get the protection you need in Glen Allen, VA, by calling us at Everett Insurance. We will thoroughly explain all the details. With an umbrella policy in place, you can rest assured that you and your assets are well protected.