As defined by Sloan Insurance Agency in Elmer, NJ, umbrella insurance (also known as excess or additional coverage) is an insurance coverage meant to protect your assets in the event of a significant financial claim exceeding your current liability coverages.
Unfortunately, most people assume that umbrella insurance is for the rich and famous only. However, the reality is that umbrella insurance is suitable for everyone with a source of income. Here are reasons why you should invest in umbrella insurance.
To protect your assets
Whether you have insured your existing assets with other types of insurance coverages or not, subscribing to umbrella insurance will help protect them further. This means that your assets are safe from claims that exceed your typical liability coverages.
To cover ubiquitous, expensive claims
In America, you can be sued for absolutely nothing. And since litigations are never far from us, you are better off with umbrella insurance. Besides, legal claims can be expensive. For instance, if someone gets injured within your home premises, beyond seeking compensation for medical expenses, they may sue you for lost income. Add legal costs like attorney fees and other legal fees, and you can see why liability claims can exceed your current insurance coverages.
Another benefit of subscribing to umbrella insurance is that it provides broader coverage than other liability insurance coverages. Besides covering bodily liability and property liability, umbrella insurance covers personal liabilities like libel and slander excluded in conventional liability coverages.
Besides, while boat, home, and auto insurance policies aren’t recognized outside the US, umbrella insurance covers you anywhere in the world.
Buy umbrella insurance today!
After reading this post, if you’ve discovered that umbrella insurance is for you, reach out to Sloan Insurance Agency in Elmer, NJ, and get your assets covered beyond what you can imagine!