For most people, a standard liability insurance policy is enough. It is possible though, to find yourself in a situation where your liability is more than your coverage. A major automobile accident where you are at fault could result in millions of dollars worth of liability. That is where an umbrella insurance policy can protect you and your assets. The Kindle Insurance Agency is your source for this kind of insurance in New Jersey.
You do have to have liability insurance first, as an umbrella policy essentially increases your liability coverage. Automobile insurance is required in New Jersey, but homeowner’s insurance is not. A mortgage holder would probably require you to have insurance even if not required by the state.
An umbrella policy would also cover you for things like slander or liable.
If you do have a major judgment against you, the insurance company will pay the limit of your policy. You are responsible for the rest. A judgment like this could wipe out your savings for retirement. It could cost you your home. The umbrella coverage would cover you in that instance. This coverage is especially recommended for people who are near retirement and may have a large amount saved up for that retirement. If you own a lot of property, you might also be the target for a lawsuit, so it would be a good idea to have it in that case as well.
Contact the Kindle Insurance Agency today, either in person or by phone, to find out more about an umbrella insurance policy. protect your assets in New Jersey by adding an umbrella policy. The Kindle Insurance Agency can make sure you have the coverage you need for your individual situation. Existing customers should also contact us periodically to make sure the policy and coverage are up to date. Any major change in your situation can affect your insurance needs so give us a call today.