Loudoun Insurance and South Riding Insurance, Northern Virginia Zip 201*-221*, Near 20152

Protect Your Assets with an Umbrella Policy

Hopefully, you will never be served with legal papers and involved in a costly lawsuit. But in the event you are, it will be imperative that you have the insurance to cover your legal liability. That's where a personal liability umbrella policy can help especially in Fairfax / Loudoun Counties in Virginia.

Umbrella policies supplement the liability coverage you have through home and auto insurance and provide an extra layer of security by protecting your assets that might be at risk in a liability lawsuit.

If you don't have enough liability coverage from your homeowner's and auto policies to adequately resolve a claim, the person suing you can go after your home and your other assets to pay for damages. Umbrella policies cover damage claims that you, your dependents, or even your pets may cause in the South Riding / Chantilly areas.

Umbrella policies kick in after, and pay in addition to, your auto and homeowner's insurance liability limits. The bulk of the risk is assumed under the primary auto or home policy, which enables insurers to offer umbrella policies at very reasonable costs.

However, most insurance companies will not sell an umbrella policy unless both your auto and homeowner's insurance is with them. In addition, your insurer may stipulate that your auto or homeowner's liability limits be at least a certain amount, such as $200,000 to $300,000.

Umbrella policies provide much broader coverage in case you are sued, covering you if you cause bodily injury, property damage, or personal injury. Certain umbrella policies also cover you if you face liability arising from your service on the board of a civic, charitable, or religious organization.

Umbrella policies typically do not cover claims from business endeavors. If you own a business, even a small one, you'll need to purchase business insurance to protect yourself from business-related liability claims.

To determine if you need an umbrella policy, analyze your risk of being sued and the assets you have at risk by contacting Khalid Umerani, NOVA Insurance Group, here in Chantilly / South Riding Va. Do you have a swimming pool or trampoline that may pose a threat to visitors? Of course, you may decide your personal situation makes lawsuits very unlikely.

Before making any decision, compare the umbrella premium with the cost of raising the liability limits on your auto and homeowner's policies. It may work to your advantage to raise these current limits by several hundred thousand dollars, and you may come out spending less than you would on umbrella policy premiums. Please contact Khalid Umerani, NOVA Insurance Group, South Riding, VA.

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Labels: Asset Protection in Fairfax / Loudoun, Fairfax Home Insurance, loudoun auto insurance, Personal Liability Insurance Fairfax / Loudoun Counties, Personal Umbrella Policy in South Riding / Chantilly

posted by Khalid Umerani @ 3:20 PM
NOVA Insurance (20152) Group - Loudoun Insurance

Save Premiums by Raising Policy Deductibles

Save Premiums by Raising Policy Deductibles

As money gets increasingly tight, consumers are trying to save wherever possible, especially here in Fairfax and Loudoun Counties in Virginia. Insurance policies are one place that people typically look to cut costs. But, are there ways you can save when it comes to insurance without jeopardizing your coverage?

Many insureds believe so. One method of cutting back on your insurance premium costs is to reduce the dwelling or liability limits on your homeowner's policy here in Virginia (Fairfax & Loudoun County Zips incl. 20151, 20152 and 20105). Similarly, you could also request a reduction in the liability limits on your auto insurance policy.

However, not only do these methods fail to save you money in the long run, they also make you increasingly vulnerable to risk. Consider how much you could lose if a judge decided against you in a liability suit, or someone was hurt in your home (especially in the South Riding / Chantilly areas!).

A wiser course of action is to increase your policy deductibles. On a homeowner's policy, raising your deductible from $250 to a $500 could realize a premium savings of 10 to 15 percent. You could also consider raising the deductibles on the physical damage section of your auto insurance to save money on the premium. Having a $500 deductible on both comprehensive and collision can save you as much as 30 percent. A $1,000 deductible may result in even more savings. (Contact us at www.south-riding-insurance.com or www.loudoun-insurance.com for more details)

Many insureds argue that if they do need to file a claim, they won’t have $500 to cover the newly increased deductible. While $500 may sound like a large amount of money to get together, it is actually only $250 more than you would have needed if you still had the original $250 deductible. Keep in mind that with the savings benefit you will get from a higher deductible, you should be able to save that extra $250 in less than 2 years.

For those larger savings, consider a graduated approach. If you are not financially able to go from paying a $250 deductible to paying $1,000 deductible, raise your deductible to $500 now, and put the money you save into a dedicated savings account for the purpose of accumulating money to increase your deductible again. When you have saved enough in the account, increase the deductible to $1,000.

Raising your deductible will definitely save you money over the long-term. More importantly, it will not put you at an increased financial risk. For more information contact Khalid Umerani, NOVA Insurance Group, here in Chantilly / South Riding, Va. 20151.

Labels: Auto Insurance in South Riding / Chantilly, Fairfax Home Insurance, Home Insurance in South Riding / Chantilly, Insurance Policy Deductibles, Insurance Premium Savings, loudoun auto insurance

posted by Khalid Umerani @ 2:55 PM
NOVA Insurance (20152) Group - Loudoun Insurance