Umbrella insurance is an extra layer of liability protection that goes beyond the limits of standard insurance policies, such as auto, home, or renters insurance. It provides an additional safety net against expensive liability lawsuits. While not every Port Jervis, NY resident needs this coverage, we at Worthington Carroll Agency recommend it in many situations. Here are a few times when it could make sense to get it.
1. You Are a Homeowner
Homeowners in Port Jervis, NY can benefit significantly from umbrella insurance. This coverage kicks in if a claim exceeds the limits of your homeowners’ insurance, such as in cases of major accidents or injuries occurring on your property.
2. You Have Significant Savings or Assets
For those with substantial personal assets or savings, umbrella insurance can provide additional protection for your assets. Being wealthy could make you the target of liability lawsuits. Umbrella insurance may help you pay for those lawsuits if they exceed a standard policy’s limit, so you’re less likely to need to use your own assets or savings.
3. You Are at Risk for Liability in Your Personal Activities
Whether it’s coaching little league, volunteering, or other activities, umbrella insurance is crucial if your actions could increase your liability risk. In all of these activities, you might be personally liable if something happens and you’re involved.
In these situations, umbrella insurance might offer protection even if your homeowner’s liability coverage doesn’t apply.
Evaluate Your Need for Umbrella Insurance
There are many factors to consider when evaluating whether you should carry umbrella insurance. Contact Worthington Carroll Agency for help weighing the different factors and finding a policy should you need one.
