Richmond, VA based personal injury attorney Jason Konvicka answers the question: “What is Umbrella Insurance and do I need it?”
What is Umbrella Insurance and do I need it?
Sometimes people ask me “what’s an umbrella insurance policy, and do I need one?” An umbrella insurance policy is an extra level of coverage that provides additional insurance coverage to you and your family if you’re involved in a truly catastrophic accident. Insurance companies in Virginia won’t typically provide an umbrella insurance policy unless you have an underlying liability policy of at least $250,000 or $500,000. If you have that type of insurance coverage, and want even more coverage, your only option is an umbrella insurance policy.
Umbrella insurance offers a high level of protection
An umbrella insurance policy typically provides an extra $1,000,000 in coverage or it may go up as high as an additional $2,000,000/$3,000,000 or even $10,000,000 in insurance coverage.
And that extra coverage is probably not as expensive as you might think, because that insurance is only there to protect you in the rarest and most catastrophic situations.
About The Author: Jason Konvicka is a partner and trial attorney with Allen & Allen in Richmond, Virginia. During his 20+ year career, he has achieved numerous record-setting jury verdicts and substantial settlements on behalf of his clients. His practice focuses on medical malpractice, bus accidents and product liability personal injury cases. Outside of the courtroom, Jason is involved with the Virginia Trial Lawyers Association and currently serves on its Board of Governors as Vice President.