Category: Insurance

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.

 

When you have a home and a vehicle, you likely have an insurance policy on each of them. When you have these two policies, you may feel that you’re well-protected against certain risks. However, it may be that you don’t have enough of some of the coverage types to pay for the medical bills that can come from a serious accident. When this is true, an umbrella policy can help. To get started, call us at Creative Risk Management LLC in New Jersey.

Liability Insurance Coverage

Both home and auto policies have different types of coverage wrapped up in the policies. Part of that coverage is for liability. In auto insurance, it is coverage that pays for the medical bills after your vehicle causes an accident in which third parties are injured. In home insurance policies, this pays for the medical bills required after someone visits your home and is injured there. If you have little of this coverage, there may be a lot of medical bills left over to pay once the policy has reached its maximum. You are responsible for all of that overage. That’s where umbrella insurance can help. 

Using Umbrella Insurance

When one of these types of accidents happens, your home or auto policy will kick in first. That policy pays for the medical bills, but it will only pay up to the maximum on the policy. When you have umbrella insurance, it pays that overage up to a very high maximum. It’s a smart idea to have this coverage in place so that you can have any overages taken care of for you. 

Get Umbrella Insurance 

When you have umbrella insurance, you are better protected. If you want to know more about these policies, call us today at Creative Risk Management LLC in New Jersey.

 

Recreational vehicles provide luxury and convenience to their owners. Whether you want to tour all cities in New Jersey or the surrounding states, you can do so without worrying about flight cancellations and hotel bookings.  However, this massive investment requires a proper RV insurance policy from a certified insurance company like Creative Risk Management LLC.

Apart from the basic required coverages, RV insurance comes with many additional coverages to protect you, your home on wheels, and your personal belongings. So which extra coverages should you buy to be adequately covered? Here are a few options to get you started.

Roadside assistance

 Roadside assistance is one of the most critical coverages for long-distance travelers. RVs are not immune to mechanical problems, which can be worrying if you get stranded in the middle of nowhere. Roadside assistance helps tow your vehicle to the nearest repair facility in case of a mechanical problem or when you get stuck on the roadside due to snow, mud, or other issues.

Total loss replacement

This coverage helps replace your RV in case it is totaled. You get a brand-new RV, the same or better than what you had.

Pet injury coverage

If you will be taking your pet with you as you travel, pet injury coverage helps pay for veterinary care if your pet gets injured in a covered accident while in your RV 

Vacation liability

Vacation liability is quite critical, especially if you travel often. The coverage pays for any property damage to bodily injury resulting from an accident while using your RV as a temporary vacation residence.

Custom equipment

 RVs with custom equipment need separate coverage to repair or replace these parts in the event of an accident. Depending on the value of the custom parts, your insurance should assess how much you should pay to avoid being underinsured.

Looking to buy or review your RV insurance in New Jersey? Creative Risk Management LLC can help answer all the questions you may have and help you choose the right coverages based on your needs. Call us today.

Umbrella insurance is a type of coverage that is unique in the way it protects you. It adds to the liability coverage that you have with your home and auto policies. If you want better liability protection for your home and vehicle, contact us at Creative Risk Management LLC in New Jersey. 

Umbrella Coverage and Home Insurance

When you have a home insurance policy, it includes several different types of coverage. One of the types of coverage it offers is liability coverage if someone becomes sick or injured in your home or on the land around it. When you have standard coverage, the liability amount is generally quite small. That means that with a serious accident, your policy could max out on its liability coverage and require you to pay the rest from your own pocket. Umbrella insurance gives you extra liability coverage on top of your home insurance. With this coverage, the maximum is far higher than with your home policy. 

Umbrella Coverage and Auto Insurance

Just as it adds to the liability coverage of your home policy, it adds to the liability coverage of your auto insurance. Once your auto policy has maxed out when paying for the medical costs and property damage from an accident, your umbrella policy then adds more liability coverage for better financial protection. It keeps you much safer if you get into a serious accident that is judged to be your fault. 

Get Your Umbrella Insurance

If you already have home and auto insurance, getting an umbrella policy to enhance those coverage types is a smart way to stay protected. With this policy, you have a very high maximum payout that will cover far more than your home and auto policies. To talk about your own umbrella policy, call us at Creative Risk Management LLC in New Jersey.

Creative Risk Management LLC offers insurance coverage to New Jersey residents. We strive to make sure that our clients have the coverage they need to protect themselves regardless of the situation. We specialize in offering custom policies.

Why Umbrella Insurance Is An Asset

Umbrella insurance is supplemental coverage that assists you in emergencies. Accidents can happen at any time. In some cases, those accidents have serious consequences. While it’s great to have liability coverage, sometimes that isn’t enough. If you are responsible for a serious accident, your assets may be at risk if you don’t have enough coverage to deal with the charges. That’s why umbrella insurance is important.

Umbrella insurance adds an extra layer of protection if you are involved in a liability dispute. Imagine someone visits your New Jersey home, and they accidentally trip over your rug and hurt themselves. You may be held liable for their injury and responsible for their recovery. If your child and their best friend are in your backyard playing around on the trampoline and your child’s friend is seriously injured, you will be held responsible. During serious situations like these, traditional liability insurance may not be enough. You can rely on umbrella insurance.

Another common situation involves auto accidents. Perhaps you take your eye off the road for a split second. That split second is all it takes for you to end up swerving and hitting someone. If you injure someone with your vehicle or cause extensive property damage, umbrella insurance can help cover your assets if you are involved in litigation. If you have a family pet, umbrella insurance is also beneficial. Perhaps your pet is having a bad day and attacks someone or damages your neighbor’s property. If the injured party pursues litigation, umbrella insurance provides an extra layer of protection.

Creative Risk Management LLC Will Help You Protect Your Assets

Visit our website today to learn more information about umbrella insurance.