How to Protect Your Assets



Why do you need personal liability insurance? Though it’s a policy included with your homeowners insurance, you should make sure that all of your assets are always fully protected.

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One of the most important things you can do for yourself is to protect your assets. One of the best ways to protect your assets is to get personal liability insurance. Where can you get personal liability insurance?
I’d recommend connecting with Michael Hompesch, who is a senior insurance advisor at the John Morgan McLachlan Agency.
Michael shared with me the value of personal liability insurance and the fact that it’s embedded in most homeowners insurance policies.

Personal liability insurance is embedded in most homeowners insurance policies.
What does personal liability insurance do? If you or any family members living under the same roof damage any property or hurt anyone significantly, personal liability insurance will cover any legal expenses and claims up to $500,000.
We take homeowners insurance for granted because it’s required by mortgage companies and because it’s relatively affordable; however, if you’re renting or you’ve paid off your mortgage and let the policy lapse, you may not be covered under a liability insurance policy and should be sure to get it immediately.
Keep in mind that liability insurance typically covers about $500,000, and with some accidents this may not cover all of the damage. For this reason, you should also consider getting supplemental liability insurance, which is also called “umbrella insurance.” This will typically cover you above and beyond what your auto and homeowners policy covers you for.
We work hard to attain our assets, so we need to be smart about protecting them. I’d recommend that you contact Michael and ask him to review your policy. If you mention my name to him, he’ll do so for free and with no obligation. Give him a call at 908-526-4600 X221 if you have any specific questions for him.
If you have any other questions about homeowners insurance or anything else related to real estate in New Jersey, feel free to give me a call or send me an email. I’d be happy to help you!

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