When you own a home, it’s essential (and even required) for you to have liability insurance to cover your personal property. However, if your home is worth more than what your insurance company is willing to cover with a basic policy, you may need to add umbrella insurance to your plan.
What is an Umbrella Insurance Policy?
Also known as “excess liability,” umbrella insurance is a type of personal liability insurance meant to supplement another, limited liability plan you have in place that may not provide enough coverage on its own.
Put simply, if your home is more expensive than what your current insurance plan is willing to cover, umbrella insurance will help you secure the entire amount.
Homeowners can also add umbrella insurance for broader coverage options. If you want to install a shed or pool in your backyard but your current home liability doesn’t handle outbuildings and other non-attached features, umbrella insurance will do the trick. This can also include home renovations that are for more aesthetic purposes and not emergencies.
What Does Umbrella Insurance Cover?
Depending on the type of umbrella insurance you invest in, you can receive several types of coverage options. Homeowners supplementing their home insurance can have the following covered:
Bodily Injury Liability
Basic homeowner’s insurance involves a liability policy that protects you if someone gets injured on your property. If their injuries are substantial and their medical expenses reach your original policy’s limit, umbrella insurance will continue to cover their finances for an extended limit.
Property Damage
Natural disasters are known to cause damage to homes. Severe storms can flood your property and cause trees to break and fall through your roof. Earthquakes and tornadoes can put cracks in your foundation.
When these unplanned events occur and the repairs needed to fix your home completely blow through your home insurance coverage, an umbrella policy can assist.
Negligent Damage
If you decide to rent out your home for a short-term or more permanent period, this will cover any damage tenants could cause to your property.
Reasons Why You Should Invest in Umbrella Insurance
While some homeowners may be perfectly fine with their current policy limit, there are some situations where having an additional boost in coverage would come in handy:
- You have several properties in your name
- You own an investment property
- You are a landlord
- You own a swimming pool
- You own a trampoline
- Your pet is a known dangerous breed
- You have several additional assets on your property (detached garage, shed, etc.)
Umbrella Insurance for Homeowners in Richmond, VA
Your liability insurance policy and coverage depends on your insurance company.
At Sanford Insurance, our umbrella policy can increase your existing protection by multiples of $1,000,000 – all based on what you’re willing to invest.
Located in Richmond, Virginia, Sanford Insurance helps local families find the right homeowner’s insurance policy to fit their needs. If you require additional coverage that goes beyond our traditional plan, then our umbrella insurance is an easy and affordable solution.
Contact us today and see how much we’ll cover for you.