Umbrella Insurance Products
One of the most important parts of your insurance portfolio and the typically least expensive policy you will purchase. Umbrella insurance deals strictly with liability claims - covering you in the event you are getting sued as the result of medical injuries or property damage. You have this coverage on your car and home insurance, but it can only be purchased up to a certain limit which is typically $500,000. With the rising cost of medical bills, rehabilitation, disability, and repairs that might not be enough to cover you in the event of a catastrophic event. An umbrella policy provides you with additional coverage to ensure you can sleep soundly at night knowing your financial future is protected.
Uninsured/Underinsured Motorist Coverage - you can also purchase additional coverage above the limits you have for this limit on your auto policy. Over 15% of drivers in NJ do not have any car insurance at all.
Umbrella policies start at $1 million of coverage and go up by $1 million increments. Some companies can go as high as $100 million. A $1 million policy can cost between $100-$500/year depending on the rating factors.
How much coverage should I have on my Umbrella policy?
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Look at your total assets. Add up the value of your house, cars, personal belongings, investments, savings, etc. You want to make sure you have enough coverage for those things at a minimum.
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What puts you at risk? There are common scenarios where you may want to have more coverage such as having younger kids learning to drive, having a pool, having a dog, and much more.
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Look at your future wages. How much will you earn over the course of the rest of your career? Your future wages can be garnished if you don't have enough coverage or assets to cover a large lawsuit.
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Thinking of umbrella insurance? Reach out today so we can help you find the right coverage.