The simplest answer to the question of who should carry umbrella insurance is anyone who has any assets. Another name for umbrella insurance is excess liability insurance and though it doesn’t give as visual a picture as the term umbrella, it is more self-explanatory. In order to determine whether umbrella insurance is a good choice for you personally stop by the office of Five Star Insurance Agency in Fords, NJ and discuss your situation.
Umbrella insurance is an additional layer of liability insurance that covers you beyond the limits of the liability coverage on your home and auto. Depending on the value of your assets, this may be the protection that you need. Your home is likely the largest investment you will ever make. The normal limits that home insurance offers are pretty basic and may be giving you a false sense of security.
If someone is hurt while visiting your home or as a result of an automobile accident they may sue you for damages. If you have to rely on the basic liability coverage provided as part of your insurance, you could possibly come up short. A typical umbrella policy can raise these liability limits up to a more acceptable amount.
In the event of a case being filed against you, your umbrella insurance can help with the legal costs involved which these days can be catastrophic. If you own a pet or have a pool, this is especially important coverage. You have worked too hard to have the assets that you have to let them be placed at risk. In a judgment against you. If you do not have enough coverage you could lose not only your current assets but your future assets.
If you live in or near Fords, NJ why not stop by the office of Five Star Insurance Agency or give us a call. We have agents who are knowledgeable in umbrella insurance coverage and will be happy to discuss this with you