New Jersey & New York Umbrella Insurance

1. Additional Liability Protection: It kicks in when your existing policy limits (home, auto, etc.) are exhausted, covering claims like:
   • Severe car accidents
   • Accidents that happen on your property
   • Lawsuits for personal injury or libel/slander
2. Legal Costs: It covers the legal fees associated with defending yourself in court, which can be significant even if you win.
3. Worldwide Coverage: Umbrella insurance typically covers incidents that occur anywhere in the world, making it helpful for those who travel frequently.
4. Affordable Premiums: Compared to other types of insurance, umbrella policies are relatively inexpensive for the amount of coverage they provide.

1. Legal Environment: Both states are known for having significant numbers of personal injury lawsuits, which increases the need for umbrella insurance. New York, for example, has higher legal and medical costs, which could lead to larger claims.
2. Auto Insurance: New Jersey is a no-fault insurance state, but umbrella insurance can still cover costs not included under basic auto insurance in the event of serious accidents.
3. Personal Injury Lawsuits: Both New Jersey and New York have laws that can make it easier for individuals to file personal injury lawsuits, which umbrella insurance can help protect you from.

The amount of coverage depends on your assets and lifestyle. Many insurance agents recommend starting with a minimum of $1 million in umbrella coverage. However, if you have significant assets or are at higher risk (e.g., owning a business, having a pool, or engaging in activities with higher liability risks), you may want more coverage.

In New Jersey and New York, umbrella insurance is generally affordable. For a policy with $1 million in coverage, the annual premium can range from $150 to $300 or more, depending on factors like the type of primary insurance, your risk profile, and the amount of coverage you need.

1. Check Your Existing Policies: To qualify for an umbrella policy, you typically need to have a minimum amount of coverage on your home, auto, and possibly other liability insurance policies.
2. Contact an Insurance Provider: Most major insurance companies in New Jersey and New York offer umbrella insurance. You can inquire about options, rates, and the additional coverage they offer.
3. Assess Your Risk: Consider factors like whether you have a pool, a large home, children who drive, or a business. These factors could increase your need for umbrella coverage.

Umbrella insurance is an affordable way to add extra protection in the event of a serious liability claim. If you live in New Jersey or New York, where the risk of high medical costs and legal claims is elevated, it’s worth considering to safeguard your assets. Use the form below to have me help you find the umbrella insurance policy that fits your needs.