Umbrella insurance is a specialized type of insurance that offers protection above and above the terms and conditions of other policies. Here is what is typically covered by umbrella insurance: Injuries, property damage, specific litigation, personal liability issues, and more. Understanding umbrella insurance might not be easy, especially because there are myths about it.
TAS Insurance Agency serves clients in Phillipsburg, NJ and nearby areas. Here we debunk some of the umbrella insurance myths.
What Are The Most Common Misconceptions About Umbrella Insurance?
- Umbrella insurance is very expensive. The cost of this insurance type is determined by the risk. When it comes to insurance, the cost increases with risk. Therefore, you will spend more if you wish to insure expensive assets and you have young drivers in your family.
- It is only for people with significant assets. One of the most widespread misconceptions about umbrella insurance is that it is only necessary for people with substantial assets. This is not true though. Even if you do not have much property, a lawsuit can bankrupt you.
- Umbrella insurance covers jewelry, works of art, electronics, etc. The harm you cause other people is covered by this policy. Personal property is not covered. For instance, if someone is hurt inside your home or if your boat damages expensive property, or if you hit someone with it. Additionally, it can shield you from legal actions that may follow liability assertions.
Reach Out To Us
Do you live in Phillipsburg, NJ or any other surrounding towns? Are you shopping for umbrella insurance and need help choosing the right policy? TAS Insurance Agency is here to assist you. We specialize in different types of insurance, including umbrella insurance as well. If you have any questions, feel free to reach out to us.