Whether you are a homeowner or a business owner in Pennsylvania, you want to protect the property and assets that you own. When you have either homeowners or commercial insurance policy with Kitchen & Associates Financial LLC, you can supplement either of those policies with umbrella insurance.
Umbrella insurance is an extended liability insurance policy that can be used on your home, business, or other types of property that you may own. This policy can only be used once your standard liability insurance has been exhausted for the current year. Once it has been used, you can make a claim to your umbrella insurance policy. Without umbrella insurance, you could lose your assets and funds if you are found liable and responsible for excessive damages and costs in a lawsuit.
When you work with a Kitchen & Associates Financial LLC agent, you want to include enough funds to cover the value of all your assets. First and foremost, gather the value of all assets belonging to you and your spouse. Homes, properties, vehicles, recreational vehicles, and savings accounts are all assets that should be considered when you are developing your policy.
In addition to adding up the value of your current assets, you should also include your expected salary for the years left until your retirement, because you could be sued and found responsible for future costs, as well. If you are a business owner, you will want to consider the value of your company and expected current profits for the future years in addition to your own salary.
If you do not currently have an umbrella insurance policy for your home or business in Pennsylvania, one of our associates at Kitchen & Associates Financial LLC will be happy to help you determine what you need for umbrella insurance and help you protect your assets in the future.
