Umbrella insurance is extra liability insurance. It is designed to help protect you from major claims and lawsuits and, as a result, it helps protect your assets and your future. Umbrella insurance provides additional liability coverage above the limits of your homeowners, auto, and other policies.
Any good financial planner will tell you to obtain an umbrella liability policy if you have assets to protect, are a high-income household, or have above-average exposures (like a young driver, own rental properties, or own your own business).
At The Braun Agency, we agree. In fact, our philosophy is that the purpose of insurance is to be there to protect you against any event that would be financially devastating… and to self-insure the smaller things in life.
For example, if you can absorb the loss of an appliance or car repair it makes sense to self-insure and to refrain from purchasing extended warranties on those items. On the other hand, if an event would completely derail your financial plan, then having insurance cover the event is extremely important, regardless of how remote you believe the possibility. Having an automobile accident and being sued for a large amount, such as $1,000,000, is an example of “remote possibility” but would, for many, by a “financial catastrophe” should it occur.
An umbrella liability policy extends the liability coverage by $1,000,000 or more depending on the coverage selected. Upon request, in Virginia, Nationwide will also extend coverage over the under-insured/uninsured motorist’s coverage. This coverage option is a huge benefit not offered by most companies. Protecting yourself from a liability suit is a big deal. However, making sure you and your family can move forward after being affected by an under-insured or uninsured driver is an even bigger deal.
Most umbrella policies do not apply legal costs to the claim amount. By acquiring an umbrella policy, you significantly increase the probability that an insurance company is going to pay the defense costs and stick with you through the entire process, rather than pay the policy limits and close the claim.
An umbrella policy is an important part of a well-designed protection plan for any household with high assets, high income, or high exposures.
* Refer to your policy and agent for your coverages. Coverage options explained on this site do not apply to all insureds and do not serve as a consultation or suggestion of coverages. This content is meant for educational purposes only*
Many clients initially come to The Braun Agency for our industry-leading insurance products and competitive rates. Insurance and protection is a significant piece of your financial plan, but it is only one part of your financial plan. The Braun Agency can assist you with your entire plan.
The Braun Agency is the only Nationwide Agency in Hampton Roads that is owned and led by a Certified Financial Planner. Therefore, our clients receive the benefit of a holistic approach to insurance and financial planning combined with industry leading products that cannot be obtained anywhere else.
Our mission is to help you achieve your life goals by getting from where you are financially to where you want to be. We accomplish this by helping you build your plan, achieve your plan, and protect your plan. To learn more about this process click here.
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