New Jersey Umbrella Insurance (QUOTES, COST & COVERAGE)
Get New Jersey umbrella insurance quotes, cost & coverage fast. Umbrella is extra liability insurance that sits on top of your NJ auto, renters and homeowners policies to help protect you from major claims.
New Jersey Umbrella Insurance
Most people are aware if the necessity of buying enough personal insurance coverage for their property like their homes and cars etc. This is because almost every adult realizes That these things can someday be damaged, stolen, or lost, which means someone has to pay for the replacements.
But what about coverage for the things that can’t be bought at a store, put a monetary value on, or replaced?
What Does Umbrella Insurance Cover?
A personal New Jersey umbrella insurance policy will sit on top of the liability coverage up already have on your home and automobile, providing up, your family and your assets an extra level of protection. So, why would you need this extra layer of protection?
- Legal judgments for liability that exceed the underlying limits of liability insurance coverage provided by the NJ policies on your home and cars. Put differently, the primary auto or home policy you have, would pay up to its limits, and the personal umbrella will pay for the overages, if any.
- It also covers if you, your child, or your pet cause another person; bodily injury, damage to property, or injury to the person in the form of slander or libel.
- Costs of defense lawyers and legal fees.
For example, what if you were driving and looked down to see a text, smashed into the vehicle in front of you and caused an accident that critically injured or killed someone? Most likely you would be sued for a higher amount than covered by your existing car insurance policy. If that were to happen, they could take your home, cars, belongings and future earnings.
So let’s say you had $100,000/$300,000 limits on your NJ auto liability. But you hurt someone and were sued for $900,000. Where would the additional $800,000 come from? In this example if you had a $1,000,000 in New Jersey umbrella insurance – after the $100,000 of auto liability was exhausted – the umbrella excess liability would kick in and pay the extra $800,000. If you didn’t have the umbrella you would be responsible to pay the 800k out of pocket.
Many people have the misconception that umbrella insurance policies are only meant for the rich. That is not accurate at all – just about anybody who could be subject to legal action due to causing serious injury to somebody – whether the injury is caused by your child, your pet, or you. For example, say your child’s friend was seriously injured while playing in your backyard, or your dog attacked your neighbor, or if a guest drown in your pool? The umbrella policy can help you to pay for the medical and legal costs without stealing your financial future.
What New Jersey Umbrella Insurance Doesn’t Cover
Umbrella insurance typically does not cover:
- Judgment awarding compensation which exceeds the actual damages as a form of punishment for willful or malicious misconduct.
- Claims of liability regarding your business – that requires a business insurance policy.
How Much Does New Jersey Umbrella Insurance Cost?
How much does umbrella insurance cost? It has been said the personal umbrella insurance is one of the best values in all liability insurance. While price is dependent upon the underlying risks (like having teenage drivers), the costs are usually under $400 or less per year for an extra one million in liability coverage.
Should I Buy An New Jersey Umbrella Insurance Policy?
As you would with any kind of insurance policy, you should read the coverages and exclusions to find out if it’s the coverage you need. This will also help you to decide whether you want to simply increase the liability limits on your home and auto policies, or go for the extra liability limits of a personal umbrella policy.
The best way to do this is to compare the costs and coverage, make an assessment of your risk, and see if you think you need the extra coverage. This will help you to make an informed choice between upgrading the policies you already have or opting for the additional liability protection umbrella insurance offers you.
NJ Umbrella Insurance Quotes
Request a New Jersey Umbrella Insurance quote in Atlantic City, Bayonne, Bergenfield, Bridgeton, Camden, Carteret, Cliffside Park, Clifton, Dover, East Orange, Egg Harbor, Elizabeth, Elmwood Park, Englewood, Fair Lawn, Fort Lee, Garfield, Glassboro, Hackensack, Hawthorne, Hoboken, Jersey City, Kearny, Linden, Lodi, Long Branch, Millville, Morristown, New Brunswick, Newark, North Plainfield, Palisades Park, Paramus, Passaic, Paterson, Perth Amboy, Plainfield, Pleasantville, Point Pleasant, Rahway, Ridgewood, Roselle, Sayreville, South Plainfield, Summit, Trenton, Union City, Vineland, West New York, Westfield and all other cities in NJ.
Insurance Regulations In New Jersey
There insurance regulations that govern both business and personal insurance in the state of NJ. There are certain regulations that you want to keep in mind whether you are getting insurance as a private party, or you may have a business and are concerned about the regulations and oversight of your business insurance.
New Jersey Commercial Insurance
The regulations governing business insurance start with general liability insurance. General liability insurance protects you from lawsuits from people that come on your property with a variety of coverages. For example, it may protect against bodily injury, it may also protect against property damage caused by your business - for example, if your sign falls on someone's car - or it may protect against advertising, false arrest and lots of other different things that can happen. However, keep in mind that general liability insurance is not required in the state of New Jersey.
There are certain types of insurance that are required by businesses in New Jersey though. One of the regulations governing business insurance in New Jersey requires that anyone who has a full-time or part-time employee carry Worker's Compensation insurance to cover that employee. Workers comp is sort of like health insurance for employees that get hurt on the job.
In addition, NJ law says that employers must provide employee disability coverage to provide income for employees who are injured on the job and have to take time off due to a temporary or permanent disability. Finally, businesses in New Jersey are required to carry commercial auto insurance for company vehicles.
NJ Personal Insurance
The first type of personal insurance that will be discussing is auto insurance. Personal auto insurance in New Jersey requires that the driver carry 15 000 USD per person and 30 000 USD per accident in liability coverage. In addition, there must be an additional 5000 USD for property damage.
As far as life insurance regulations, insurance companies must be regulated by the Department of Banking and Insurance which maintains all records of insurance companies that are licensed to do business in the state. In addition, residents have a 10 day free look period, a grace period of 30 days and insurance companies must make payments in a timely fashion; which is within two months of receiving proof of death from the beneficiary.
Different States Umbrella Insurance
If you are looking for state specific Umbrella Insurance quotes, costs and information: