Many people in New Jersey are completely unfamiliar with Umbrella Insurance and what it is for. The professionals at O’Donnell Agency LLC are well versed in Umbrella Insurance and why it is important for New Jersey residents to carry this coverage.
Umbrella Insurance is also referred to as personal liability insurance. The most basic definition is that this is a type of personal liability insurance designed to cover claims that exceed what your regular insurance policies cover. It serves as an additional layer of protection to protect your assets in the event of an incident or lawsuit. Umbrella insurance covers situations that don’t involve your property or your vehicle, which means it is incredibly useful for scenarios that are outside of normal insurance claims.
Umbrella insurance is not the same as excess liability coverage. It covers not only items that you are already insured for, but a wide range of contingencies that a typical insurance policy will not cover. Umbrella insurance covers you and your co-insured against items such as:
- Lawsuits involving injury to others (such as your dog biting your neighbor)
- Damage to other people’s property
- Slander or defamation lawsuits
- Landlord liability
It’s also important to note what Umbrella Insurance does not cover. Examples of non-covered instances are:
- Damage to your personal property (this is what your homeowner’s insurance is for)
- Damage that you or a member of your household caused maliciously or on purpose – for example, spray painting someone else’s home or car or tripping someone and causing them to fall and be injured
- Liabilities occurring during the course of business or professional activities (those would fall under business insurance)
The team at O’Donnell Agency LLC wants to help make sure you are properly protected and are waiting to answer all of your questions about Umbrella Insurance!