Umbrella Insurance Protecting You and Your Business When You Need It Most

Umbrella policies are a unique type of protection.  They exist on top of your other policies and only go into force when other policies have reached their coverage caps.  For example, if someone is injured at your home or business and you are deemed negligent, your home or commercial policy will cover their medical expenses.  If they sue, it will also cover their legal fees.  In another example, if your building or home is damaged or destroyed during a natural disaster, your coverage will help to rebuild.  However, when the policy cap is reached, the policy owner is responsible for anything above that.  In both examples, the amount can be too much for most.  An umbrella policy provides additional financial protection when other policies are maxed out.  Our agents at Redden Insurance Agency in the Bradley WV area are ready to talk with you.

Umbrella insurance, just like other insurance policies, are tool to protect you financially.  In the case of someone being injured on your property, your home insurance policy may cover $300,000 but if their medical and legal expenses are $500,000, you are responsible for the balance.  An umbrella policy covers these additional expenses and protects your assets.  A unique aspect of umbrella insurance coverage is that it provides protection in slander, libel or invasion of privacy cases. 

In the Bradley WV area, our team at Redden Insurance Agency is ready to help you with all of your insurance needs.  We can help you decide is if umbrella insurance is right for you.  Our agents will explain the policy details so that you can decide for yourself.  Explore the general information on our website then come by and see us.  Insurance offers important financial protection for you and your family.  Don’t delay!  Come see us today!

3 Reasons to Consider an Umbrella Policy

Umbrella insurance increases your liability coverage to protect you against large liability claims that exceed the limits of your home, auto or condo liability coverage. No one is exempt from accidents. A serious mishap in your home or on the road could lead to a lawsuit, putting you at risk of losing tens of thousands of dollars. Here are a few good reasons to consider purchasing an umbrella policy from Redden Insurance Agency, Bradley WV.

Accidents Happen

People are fallible, making them susceptible to committing mistakes that can cause accidents. If injuries or property damage from an accident you cause exceeds your primary liability coverage, you’ll have to pay the remaining costs. Umbrella insurance covers these costs to save you from financial loss.  

Primary Liability Coverage is Limited in the Protection It Has to Offer  

Your home, auto, and condo liability coverage is limited in the protection it has to offer. These limits may be inadequate to protect your financial assets or meet the risks of your lifestyle. Once these limits have been exhausted, you’ll have no recourse but to cover excess damages of large claims out-of-pocket. Umbrella insurance picks up where your primary liability coverage leaves off to protect you against the unexpected.   

Lawsuits Today are Rampant

You don’t have to be a millionaire to get sued for damages. If you own real estate property or have savings or investment funds, you’re a candidate for a lawsuit if the occasion warrants it. Losing a major lawsuit could cost you your home, savings, retirement funds or income from future sources. Umbrella insurance protects you against lawsuits by covering your legal fees and settlement, up to the limits of your umbrella policy.

To learn more about umbrella insurance and all it has to offer, contact Redden Insurance Agency, Bradley WV.

When would I need Umbrella Insurance?

Umbrella insurance is becoming more popular as lives are getting more complex, and it covers a bit more than your typical policy. Before you get in contact with Redden Insurance Agency for umbrella insurance coverage within Bradley WV, it’s best to educate yourself on this type of insurance.

Going Beyond the Limit

Umbrella insurance extends beyond the point your home insurance (as an example) is limited so you can cover high-net-worth properties. It’s typically sold in high increments of coverage at a time, like $1 million.

Typically, it’s preferred to have an existing policy with the same company first, as they may require a minimum amount. Your umbrella plan with the same company will also reduce slipping through coverage cracks since not every company writes policies in the same manner.

These policies are also quite useful to exceed legal liability limits, and it may have a broader definition of coverage. This can even extend into damage from libel or slander, among other things. It can even cover you being at the other end of a large lawsuit, and you lack the funds to cover damages.

Applying umbrella coverage to an auto insurance plan can also cover other dynamics of auto accidents. It can cover you as a passenger, a pedestrian, or even if the other driver doesn’t have sufficient insurance. Of course, this will all depend on the personalized terms of your insurance policy.

In the end, you should consider the assets that you own, and you have a relatively high-net-worth, this may be a necessity for your lifestyle. If you are shopping around for umbrella insurance plans within Bradley WV, Redden Insurance Agency may be able to cover you within your area.

Frequently Asked Questions About Umbrella Insurance in West Virginia.

Have you been concerned about specific aspects of your business, and are unsure if your commercial policy fully protects you? You may want to consider umbrella insurance to upgrade your protection. Redden Insurance Agency can help you clear up any confusion you may have about the insurance coverage you need and clear up any questions you may have about umbrella insurance in West Virginia. We serve Bradley WV with quality insurance services. 

FAQs About Umbrella Insurance In West Virginia

  • I have full coverage, why would I need more?Even if you have full coverage for your vehicle, business, home, or life you may feel that there is an aspect that is not covered as much as you would like. This is where umbrella insurance becomes useful.
  • Can Umbrella insurance coverage cover a very specific item or event? Yes, but it must also be specifically stated in the policy and appraised at the value it is insured for. This does not mean it will be covered, but it can. 
  • What is the main use of umbrella insurance? This question depends on the type and the area. Many people choose to add an umbrella policy when they reach the public eye to protect them from the event of a lawsuit changing their whole life. Some chose umbrella to account for a specific event that may happen to their classic car or collectible. The uses are veritable, discuss your unique needs with our knowledgeable insurance agents. 

If you are considering umbrella insurance or if you are shopping for a policy for your business, life, car, or home contact us at Redden Insurance Agency. We serve Bradley WV with a friendly service for all of your insurance needs. 

What is Umbrella Insurance and Who Needs It?

Umbrella insurance isn’t difficult to understand. In the simplest sense, it protects your assets. This fact makes it easy to understand that umbrella insurance is designed to protect people who actually have assets that they want to keep from being seized or taken away if they are sued. Umbrella insurance is designed to protect people’s assets. The Redden Insurance Agency wants to help consumers navigate umbrella insurance by helping them to understand who this insurance is designed for and how consumers who invest in this insurance can benefit. 

The Nuts and Bolts of Umbrella Insurance

Umbrella insurance is secondary insurance that kicks in when the limits of your primary insurance have been met. This insurance provides protection to you and your property in the event that you’re found guilty or responsible for something that happened on your property, in your car, or as a result of some action that you took. This insurance is designed to protect people who have assets that they wouldn’t want to be seized in the event that you’re found guilty of something. An added benefit is that this insurance also compensates you if you’re not found responsible for some unfortunate event. This insurance kicks in and pays legal fees in situations like these.

Who Should Invest?

You don’t need to be rich to invest in umbrella insurance but you should have at least a few assets that have some significant value. Conversely, if your net worth is relatively low and you don’t own a home, umbrella insurance may not be a necessary investment for you. However, if you fall on the other side of the equation, umbrella insurance may be a worthwhile investment. This type of insurance can even protect your income from garnishment if you’re found guilty of something. This is one of the reasons why business owners fit into the group of people that can benefit greatly from this form of insurance. A million-dollar policy is usually adequate for most people and is fairly inexpensive as well. If you are someone who has a significant net worth and owns a lot of things you may need more than a larger umbrella policy. At the Redden Insurance Agency of Bradley WV, were here to help you navigate the mechanics of umbrella insurance and help you make a beneficial choice. Give us a call. 

What Is Umbrella Insurance?

To put it in the simplest form, umbrella insurance provides back up wherever your standard insurance falls short. Here is a scenario where umbrella insurance can be of help. You mistakenly hit another motorist from the rear, damaging his car, and causing bodily injuries to the driver and the other three people in the car. 

That means you will be responsible for fixing his car and offsetting the medical bills of four people. And the amount paid by your insurance company, based on the auto insurance policy that you purchased, is grossly inadequate to cover the liabilities. Instead of having to complete the payment out of your pocket, the umbrella insurance coverage will provide the remaining payment.

So, you should understand that payment from your standard insurance policy must be exhausted before your umbrella insurance kicks in. However, there are cases that this insurance does not cover. Here is a list of what it covers.

Bodily injury coverage

This coverage provides the cost of medical bills and/or liabilities due to the injuries caused someone and it is established to be your fault. For instance, if there’s an accident and you are found to be at fault. If a guest in your home falls. If your dog harms someone or another dog, or your neighbor’s child falls in your yard. You umbrella insurance will provide the funds for any of these liabilities.

Property damage liability

This provides coverage for the damage or loss of another person’s property due to your negligence. If your standard insurance does not cover the whole liability, your umbrella insurance will kick in.

Owners of a rental unit 

This is meant for landlords. In case there’s a crack in your sidewalk and this causes someone to trip and fall. You will be held responsible. This coverage will pay for that. Also, you may be liable for your tenant’s negligence. This policy will cover the liability. 

In addition, your umbrella insurance will provide your legal fees in case of certain lawsuits. For more information about umbrella insurance, contact Redden Insurance Agency in Bradley, WV. 

What is Umbrella Insurance?

Primary insurance policies have coverage limits. If financial loss or liability goes beyond these limits, the rest of the bill is left to you. Umbrella insurance is a type of secondary coverage that offers coverage after you have reached the coverage limits on your primary policy. You’ll find umbrella insurance, along with primary policies, at Redden Insurance Agency in Bradley, WV.

 How Umbrella Insurance Works

Umbrella insurance is also known as catastrophic coverage. Most types of insurance cover your property or your liability related to that property, like home and auto coverage. Umbrella policies cover your liability once these primary policies have been exceeded. Primary policies are designed with coverage limits that will be sufficient in most situations. However, they fall short when the unforeseen happens and damages or liability exceed what is considered common. 

For example, if you hit a Lamborghini, the damage costs could far exceed your auto coverage limit because the expense is greater than average. If someone is injured on your property and unable to work for the rest of their lives, the liability settlement will likely be more than is covered by your average homeowner’s policy.  

What Does Umbrella Insurance Cover?

Umbrella insurance may cover specific situations not covered by your primary policy. For example, umbrella insurance may cover libel and slander, which isn’t covered by your homeowner’s policy. Umbrella insurance normally covers bodily injury, personal injury, property damage, and landlord liability. It will not cover your personal belongings, business losses, or judgments that are the result of criminal activity.

At Redden Insurance Agency, we understand that umbrella insurance isn’t just for the rich and famous. It helps to protect your assets and future earnings, regardless of your financial status. Stop by our Bradley WV office and speak with an agent to see if umbrella insurance is a good choice for you. 

Everything You Need To Know About Umbrella Insurance in Bradley, WV

Umbrella insurance is exactly what it sounds like – added protection during stormy weather.  Unexpected lawsuits or personal injury claims may not be protected under your current insurance policy for your home, vehicle, boat, or RV in Bradley, WV.  That’s why it’s important to purchase affordable umbrella insurance so you can rest easy knowing that you have an ally with Redden Insurance Agency if the unexpected suddenly happens.  

While some people simply purchase enough insurance to keep them legal under the law, the purpose of umbrella insurance is quite the opposite.  It’s meant to cover legal requirement and then some.  If you spend a long weekend boating at one of West Virginia’s many lakes and someone is hurt, are you liable?  Are you covered under your current boating insurance policy?  Are you prepared to hire a lawyer if there is a personal injury claim?

If your answer is "I don’t know" or "no", you may want to go over your policy in detail and consider adding umbrella insurance.  The same can be done for all your assets, including personal and business assets.  If disaster strikes a business asset and you’re not properly covered this could be great financial strain for you and your employees, as well as both of your families.  At Redden Insurance Agency, we will help you understand your existing insurance policies and how these policies can be improved with umbrella insurance.  Protecting your assets for today and in the future is important in our modern, sometimes unpredictable economy.  It’s better to keep all assets safe under umbrella insurance than risking everything if an accident occurs.