Umbrella insurance can offer greater personal liability coverage than you could get with a standard plan for homes, cars, or even boats. It provides additional protection if someone wants to sue you for damages or injuries. It also covers situations like libel, slander, false arrest, and landlord liability. And if you’re currently looking for umbrella insurance in or near Fords, NJ, contact our Five Star Insurance Agency experts as soon as possible.

In the meantime, here’s what you need to know about umbrella insurance:

• How it works: Umbrella insurance starts once you’ve reached your standard liability limits or whenever a claim is not eligible for coverage. The claim will go against your primary insurance policy first, and if the primary insurance limit is reached, the umbrella insurance begins to pay out.
• Who needs it: While anyone could benefit from umbrella insurance, it’s particularly beneficial for individuals who own property, has significant savings, or do things that can increase their chances of being sued, like being a landlord, volunteering, regularly posting reviews online, participating in sports where you could easily injure others, or owning a dog.
• Coverage: Umbrella insurance generally covers personal injury, property damage, certain lawsuits, and personal liability situations. It can also cover you if an accident happens while traveling abroad or you’re sued for slander or libel. It’s essential to note that umbrella insurance does not cover your injuries or damage to your property.
• Cost: The cost of umbrella insurance can vary greatly, depending on your personal risk factors (like ownership of homes, cars, boats, rental properties), your location, and the amount of coverage you want. However, in general, umbrella insurance is considered relatively affordable for the coverage it provides.
• Coverage amount: Umbrella policies start in the million-dollar range and can go up from there. Most insurance companies offer umbrella insurance policies that start at $1 million in coverage, with higher limits available.
• Underlying insurance requirements: Most insurers require a certain amount of liability insurance on your homeowners and auto policies before they issue an umbrella policy. This is typically around $300,000 or $500,000.
• Exclusions: Like any insurance policy, umbrella policies have exclusions. Common exclusions might include damages resulting from intentional criminal acts or liability you agreed to assume under a contract.

And remember, if you’re currently looking for umbrella insurance in or near Fords, NJ, be sure to reach out to our experts at the Five Star Insurance Agency today!