What You Need to Know About Getting Extra Coverage in West Virginia

Updated: 02/27/2020

Insurance is designed to help protect you, your family and your assets. There are lots of insurance types out there that offer specific kinds of coverage. Amongst the many options, you have something called umbrella insurance. This is slightly different to a lot of other varieties in that it essentially goes beyond normal insurance coverage in Putnam County, West Virginia.

What is Umbrella Insurance?

Umbrella insurance is basically added liability insurance that covers you beyond your existing coverage. The whole purpose of it is to give you another layer of protection if something bad happens and puts you at risk.

For example, if you take out an auto insurance policy, then you’re covered you up to a specific amount. If you get into an accident and are forced to pay damages to the other party, then it could exceed your auto insurance limit. This is where umbrella insurance comes into play as it can give you extra coverage to help cover these costs and protect your assets.

What’s Covered by Umbrella Insurance?

An umbrella insurance policy gives you security when you’re held liable for different things. But, what’s actually covered by this type of insurance?

Well, there are four things that are generally covered by a typical umbrella insurance policy:

  • Bodily injuries

  • Property damages

  • Landlord liability

  • Personal injury

This means that you’re protected if you’re held liable for any of these things. As an example, imagine someone visits your home and they end up slipping on your kitchen floor and breaking their hip. They end up with expensive medical bills and can’t work for a few months, which leads them to sue you for damages. In this instance, your home insurance policy could have liability coverage up to, say, $300,000. But, what if they’re suing you for $800,000? Your insurance pays the first $300,000, but you have to try and make up the rest of it.

In this scenario, umbrella insurance kicks in and helps cover the additional $500,000 to pay the lawsuit. As a result, you don’t have to go and sell your home or most of your belongings to try and raise funds. Or, you don’t have to take out a risky loan that will need to be paid back with interested.

Why Would You Need Umbrella Insurance?

There are many instances where things happen that result in liability lawsuits against you. Often, these misfortunate events are impossible to predict, yet they result in massive costs for the people affected.

All it takes is one second for someone to suffer an injury in your home, which would leave you vulnerable. The same goes for causing a car accident; all you need is one screaming child to distract you for a split second before you crash into another vehicle. You might be around someone’s home and knock over a candle that causes fire damage and results in costly repairs.

The point is; there are plenty of reasons you might need umbrella insurance to add another layer of protection on top of your existing insurance. It can stop you from slipping into financial hardship and selling lots of your assets after one simple accident. If you’re looking for an insurance policy in West Virginia, contact us today.