A personal umbrella policy extends the coverage of your other liability insurance plans. It helps expand the protection provided by homeowners, automobile, boat and other insurance coverage. Choosing the best umbrella insurance will give you peace of mind by increasing your liability limits. This helps to decrease your financial burden in the event of an expensive accident or lawsuit.
If you can’t afford to risk your existing assets (such as income, retirement savings, college funds, salary), umbrella coverage may be right for you. Homeowners, auto, motorcycle and boat insurance policies include a monetary maximum amount for liability coverage. If you or your negligence cause an accident requiring you to pay a settlement or legal judgment, your liability policy will cover your legal defense and the settlement/judgment, up to the policy’s limits. Without the umbrella insurance, any payment above the coverage max is your responsibility. This can quickly exhaust your existing assets.
Choosing to add umbrella insurance can increase the maximum coverage amount for multiple policies simultaneously, truly acting as an "umbrella" over your risks and your finances. It also provides coverage for some claims that may be excluded by your liability insurance plan. Best of all, umbrella coverage premiums in New Jersey average just $200-$300 annually.
You may be eligible to save on an Umbrella Policy when you add it to your existing policy. By talking to a Trusted Choice independent agent you can identify if there are savings options that apply to your individual situation. Common discounts like: Safe Driving Record, Claims-Free Insurance Record, Good Credit, and Senior Discounts may add an additional level of savings making your Umbrella policy even more affordable.
There are currently 485 independent insurance agents in New Jersey who are ready to help. These agents can save you time and money by helping you find competitively priced coverage that is well-suited to meet your business’s specific coverage needs. Talk to an insurance agent near you to learn more and to start comparing customized business insurance quotes.