Personal Umbrella Insurance in Hammonton
What Is a Personal Umbrella Insurance Policy?
Personal umbrella insurance is designed to provide extra liability protection beyond the limits of your standard insurance policies, such as homeowners or auto insurance. Umbrella coverage is a type of supplemental insurance; in most cases, this means it cannot be purchased as a standalone policy.
Umbrella insurance kicks in where your other policies max out. If you’re sued for damages exceeding your existing policies’ liability coverage limits, umbrella insurance can cover these additional costs, including legal fees, settlements or judgments. This makes it a crucial safety net for protecting your assets against major claims and lawsuits.
Contact M.L. Ruberton Agency in Hammonton, New Jersey, to learn about personal umbrella insurance coverage.
Will Umbrella Insurance Cover Personal Lawsuit?
Umbrella insurance may help cover personal lawsuits exceeding the limits of your other policies. This includes legal fees, settlements or judgments, making it a valuable protection against large claims.
How Much Personal Umbrella Insurance Do I Need?
Determining the right amount of personal umbrella insurance depends on several factors, including your risk factors, assets and lifestyle. A standard guideline is to have enough umbrella coverage to cover your net worth.
However, it’s also important to consider potential future earnings and the risk of being sued. Factors such as owning property, having a young driver in the family or owning certain pets can increase your liability risk. Consulting with a financial advisor or an insurance specialist can help you assess your situation and determine the appropriate level of coverage.
What Does Personal Umbrella Insurance Cover?
Personal umbrella insurance may help provide coverage for scenarios that might not be fully covered under standard insurance policies, including the following:
- Bodily injury liability
- Property damage liability
- Certain legal damages, including libel, slander and defamation of character
Note that umbrella insurance does not cover personal injuries or property damage that you or your family might sustain, nor does it cover intentional or criminal acts.
Contact Us
Contact M.L. Ruberton Agency today to learn more about this important safety net and for a personal umbrella insurance quote.