Category: Umbrella Insurance

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.

As a business owner in the Port Jervis, NY area, you may already have umbrella insurance attached to your commercial insurance policy, giving your professional assets the best protection. However, getting a personal umbrella insurance policy through Worthington Carroll Agency for maximum protection is a good idea. 

Commercial Will Not Cover Personal Assets

Just like a tenant renting a home, the home insurance policy will not cover the property that belongs to the person renting the home. The underwriters for your corporate umbrella insurance policy will also not cover anything that is not directly related to your business. However, you can still be targeted as the owner. 

Protect Personal Assets

Umbrella insurance secures the assets that are associated with the primary policy, which can be personal or professional. If you are sued and named personally in the suit, your personal assets could also be seized, should you be found liable. 

Your personal assets include any homes, property, and recreational vehicles you may own, which can be sold and liquidated to cover expenses. When you add this policy to your home insurance, you want to ensure you cover the total cost of the physical property and any personal accounts that can be reviewed. 

Family and Dependents Are Affected

Since you can be targeted as the business owner, this is important because your family and dependents rely on your assets and income. If you are suddenly seized in court when your commercial umbrella insurance would not cover, then you could find your spouse and dependents directly affected by this, especially if they are utilizing property that is in your name. 

Call Today To Discuss Your Options

If you are interested in adding umbrella insurance to your home policy, contact our agents at Worthington Carroll Agency today for assistance in the Port Jervis, NY area. 

Anyone that lives in the Port Jervis NY area will want to know that they have proper insurance, particularly insurance against personal liability risks. One of the ways you can do this is by investing in an umbrella insurance plan, which offers blanket personal liability coverage. There are a lot of reasons why getting an umbrella insurance plan is a good option for those that are here. 

Why Umbrella Insurance

Receive Blanket Coverage

A great reason to get an umbrella insurance plan is so you can receive blanket coverage. There are a lot of liability risks out there that can be hard to predict and prepare for. Some of these risks will not be covered by standard insurance plans, such as home or auto coverage. If you get an umbrella insurance plan, it will provide the support that you need in these situations. 

More Protection

An umbrella insurance plan is also a good investment as it will give you more coverage than you would otherwise have. Many liability risks involve accidents at home or on the road. While you will have some coverage, there is a limit to how much protection you can obtain. With an umbrella insurance plan, you will get the support necessary to cover even more significant claims. 

Reach Out To Us

An umbrella insurance plan is always a good investment for those that are in Port Jervis, NY. When you are ready to start evaluating your coverage options and needs, you could find that speaking with a professional and someone that you can trust is a great idea. Our team with Worthington Carroll Agency can provide you with top guidance to ensure you are able to select a quality plan. When you call us at Worthington Carroll Agency, you can obtain the support you need to build a new policy.