Several misconceptions can cloud your judgment when purchasing umbrella insurance in New Jersey. Fortunately, Creative Risk Management LLC is here to set the record straight by debunking common umbrella insurance myths.
Here are the common myths you are likely to hear whenever people talk about umbrella insurance.
Demystifying 4 Common Myths
Umbrella insurance is for the super-rich only
You don’t have to be among the super-wealthy to invest in umbrella insurance. Since anyone can be sued, even if you have a moderate asset base, umbrella insurance is a worthy investment to keep by your side.
Umbrella insurance covers you against everything
Perhaps, because of the word umbrella, most people assume that umbrella insurance covers them against all risks. The truth is that umbrella insurance is liability coverage — it protects other people but not you. Umbrella insurance helps you pay for medical costs and property damage when accused by third parties. At no point will umbrella insurance cover damage to your property or injury to yourself.
Umbrella insurance is expensive
You will hear this a lot when you suggest to someone you want to buy umbrella insurance. Saying umbrella insurance is expensive is a blatant lie. Since umbrella insurance takes over after exhausting underlying coverage, it’s surprisingly affordable. If you think we are exaggerating, contact us for a quote.
Umbrella insurance is a stand-alone policy
Umbrella insurance doesn’t exist on its own. This coverage rides on other insurance coverage, such as boat, car, home, or renters insurance. Umbrella insurance boosts an existing policy.
Learn more about umbrella insurance in New Jersey
What other myths have you heard about umbrella insurance? Have you heard someone say something about umbrella insurance, and you aren’t sure it’s the truth? Please get in touch with Creative Risk Management LLC, and we will help you separate facts from myths.
