The goal of umbrella insurance is to take over when the liability protection of your other coverage is exhausted.
It’s important to note that umbrella coverage is becoming increasingly more important as the world becomes more litigious. While you may be a good driver and have a well-maintained home, you can, at any given time, face a lawsuit. Even if you are innocent, you will still need to defend yourself from these claims or make a settlement, and this cost a lot of money and time. Legal fees alone can bankrupt a family, even if you don’t have to pay damages in the Tri-State area.
Anyone that has assets that total significantly higher than the liability limits of your existing insurance policies, such as your home or car, should have an umbrella policy. If you are like most people, then your assets may be worth more than you think. Consider your savings, your home, your retirement fund, and any other assets, such as your second car. An agent at Rock Insurance Agency Inc. in Medford, NJ can help you determine your needs.
Umbrella insurance provides coverage for property damage, bodily injuries, personal liability situations, and landlord liabilities. An example is medical bills for others that are injured at your property or as a result of an accident where you are at fault. It also covers damage or loss of someone else’s tangible property. This can include vehicles, damage to school property caused by your child, or your pet destroying your neighbor’s house. It can also cover other actions that aren’t included under a typical policy, such as slander, false arrest, or libel.
It’s important to note that umbrella insurance doesn’t cover your personal property. It’s designed to help you cover associated costs when you cause the damage and not your own losses or criminal or intentional acts.
Contact Rock Insurance Agency Inc. in Medford, NJ to get a quote on umbrella insurance.