Umbrella Insurance

While homes, businesses, and dreams may be larger in Texas, so should the insurance policies in place to protect these assets. Below are the reasons why your Texas home and other assets need an umbrella insurance policy from the Victoria Insurance Group.

Not all Fines are set to Coverage Amounts

Should you or your business be found responsible for damages to property and medical expenses in a court of law, these amounts often exceed the set liability amounts that come with your first home or commercial insurance policy. The more extensive the damage, the higher the fines. With umbrella insurance, you can get additional liability coverage beyond your standard liability policy.

What happens without umbrella insurance?

If you find yourself in a situation without umbrella insurance, but you are mandated to pay fees that exceed what you have, you will need to sell assets to cover the distance. Below are some of the personal and commercial items that qualify as assets:

  • Home/ Land
  • Business
  • Additional homes/ rental properties
  • Vehicles (personal and commercial)
  • Recreational vehicles and watercraft
  • Additional farmland or vacant lots
  • Savings accounts/ Bonds
  • Future Income

Any of the assets mentioned above are acceptable currency to pay what is required of you by legal action. You can be ordered to sell off these items to pay this debt is necessary. For some, they have discovered the hard way what not having umbrella insurance can do to everything they have worked for.

How much should I get?

Your umbrella insurance should cover the value of all of your assets plus your current salary times. This should be the minimum amount you carry when you get your umbrella insurance policy.

If you are a current Texas resident, we are ready to hear from you. Call our agents at Victoria Insurance Group today for more information and get the policy that protects everything you have worked for over the years.