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Cover your assets with an umbrella insurance policy
Protecting yourself, your family and the lifestyle you’ve worked hard for often means going the extra mile. An umbrella insurance policy offers protection that goes above and beyond standard auto, home and farm policies.
“An umbrella policy assures that your family and your assets such as college funds, retirement savings, emergency funds and even your home and farm are protected against incidents that may exceed your current coverage,” said Gerald Gardner, director of sales for Virginia Farm Bureau Mutual Insurance Co. “Having an umbrella policy can help against personal injury and personal liability claims and the legal costs associated with those claims.”
Imagine that, tragically, you are at fault in an auto accident that injures another driver.
Your regular automobile insurance may cover the other driver up to the limit you selected, in this case $300,000.
But what happens if that limit is not enough to cover the other driver's resulting medical bills? If his or her injuries are severe, you may be legally responsible for damages beyond the $300,000 your auto insurance policy covers.
If you are sued for $1 million, in this situation your automobile policy's liability coverage may pay for up to the $300,000. But where would you come up with the remaining $700,000? An umbrella policy helps cover the additional costs when your standard insurance policy isn't enough, and that protection can keep you from having to jeopardize your family’s assets.
An umbrella policy is available for personal policies, farm policies and commercial policies. “The plans can be customized so you get the best protection needed for you and your family,” Gardner added. “To sum it up, an umbrella policy puts everything under one big umbrella to help protect your family’s financial future and provide peace of mind at a very low cost.”
For more information visit vafb.com/insurance/umbrella.