If you don’t already have an umbrella policy, now is the time to get one. These are some of the best umbrella policies in Northern Virginia. Speak to your financial advisor to learn more about how umbrella policies can benefit you.
Umbrella Insurance
This is a type of liability insurance that adds extra coverage to other policies, such as homeowners, renters, or auto insurance. This is essential coverage for anyone with a high net worth or any person concerned about getting sued.
Umbrella insurance policies cover personal or commercial liabilities. Things like dog bites, car accidents, swimming pool accidents and slip-and-fall accidents are examples of claims that are typically covered by personal umbrella policies. Commercial umbrella policies cover accidents that occur in company vehicles or on business premises. While personal umbrella insurance is recommended for high-net-worth individuals, commercial insurance can be very beneficial for small business owners too, not just larger ones.
Chubb
If you are a high-net-worth family, this is a good choice. Chubb offers personal umbrella policies up to 100 million.
Pros:
- Legal protection if you get sued
- Very high liability limits
- Domestic and international coverage
Cons:
- Only available through agents
- Lack of price transparency
Liberty Mutual
First, let’s look at Liberty Mutual. This company offers high coverage options without requiring that underlying policies be written by Liberty Mutual. This gives people extreme flexibility.
Pros include:
- Personal coverage limits of over 1 million dollars
- Crisis management support for businesses
- Underlying policies are not required to be written by Liberty Mutual
Cons include:
- No email or online chat for customer support, phone call only
- Must contact an agent to purchase coverage
USAA
USAA provides military service members, veterans and their families with low rates and discounts available only to members. USAA does not offer commercial umbrella policies but does offer personal umbrella policies in all 50 states.
Pros:
- Free online quotes
- Online application process
- Coverage for as low as $20 per month
Cons:
- Limited customer service hours
- Must be a USAA member
- Must also purchase car insurance
Allstate
This is a great option for people who like to travel. Allstate’s umbrella policies cover you regardless of which country or state the incident occurs in, and for whatever reason. This includes driving in a foreign country, boating, or RVing.
Pros:
- Covers you for boat rentals
- Protects you wherever you go
Cons:
- Can only get a quote through an agent
- Low liability limits
- Lack of price transparency
Geico Umbrella Policies
Geico offers great discounts for bundled policies. This is a good option for anyone looking to help offset the cost of additional insurance policies.
Pros:
- High customer ratings
- Convenient mobile app
- 24/7 customer support
Cons:
- No online quotes
- Must hold Geico car insurance (unless you live in New York or New Hampshire)
- Low liability limits (capped at 1 million)
Travelers
Travelers offers many types of umbrella coverage for small business owners. It is very flexible and easily customized to meet the unique needs of your business.
Pros:
- Domestic and international coverage
- Online quotes
- High liability limits (up to 10 million)
Cons:
- Can only be purchased through an agent
- Lack of price transparency
- Limited customer service hours
Choosing the Best Umbrella Insurance Policies in Northern Virginia
If you are ready to explore your options for umbrella insurance policies, we recommend speaking to your financial advisor. Understanding your needs will be a key factor in choosing the best policy. To learn more or to speak to a financial advisor, contact Argent Bridge Advisors today!
