Umbrella Insurance in New Jersey

An umbrella policy in Wall Township, NJ will bridge the gap between your current liability insurance and potential claims. If you have a lawsuit and your liability coverage runs out, you are stuck paying the rest of it out of your savings and other assets. This could force you to cash out your retirement funds, sell your home, sell cars, or get rid of valuable things you own. When you have umbrella coverage, you don’t need to liquidate your assets and can have peace of mind no matter what happens.

Do You Need Umbrella Coverage in New Jersey?

Umbrella insurance is not a mandatory policy in Wall Township, NJ but it can be wise for anyone to have. You can never predict when an accident is going to happen, and they do happen all the time. You will never be sure what you will be held responsible for. Some people may have more of a liability risk than others, such as those who drive a lot, have teen drivers, have dogs, or have a home with a swimming pool. For these people, it can make more sense to have extra liability coverage. If you are unsure of your risk, it’s best to speak with an agent at Creative Risk Management LLC.

What Does Umbrella Insurance Cover in New Jersey?

Since your umbrella insurance is extra insurance, you may be confused about what it covers. If you have an accident and you owe more than what your liability coverage is going to pay, then this is where umbrella insurance starts to come in handy. For example, if the judgment is $500,000 but your liability only covers $100,000 then your umbrella insurance would cover the additional $400,000. Umbrella insurance may also give you some extra coverage for things not covered under these standard liability policies for your home and auto, such as slander and libel. Keep in mind that any damage to your property won’t be covered.

Contact Creative Risk Management LLC to get a quote on umbrella insurance.