Insight

5 Reasons Why Every NJ Resident Needs Umbrella Insurance

Living in New Jersey comes with its perks – beautiful beaches, delicious diners and a vibrant culture. But life can also throw unexpected curveballs and sometimes, those curveballs come in the form of lawsuits. That’s where umbrella insurance steps in, offering an extra layer of protection for New Jersey residents.

Here are 5 reasons why every NJ resident should consider adding umbrella insurance to their existing coverage:

  1. Lawsuit Costs Can Be Astronomical:

Imagine a guest slips and falls on your wet porch stairs, sustaining a serious injury. A lawsuit ensues and legal fees and potential judgments can quickly drain your savings. Umbrella insurance provides additional liability coverage beyond your homeowners or renters insurance limits, helping you weather the financial storm of a lawsuit.

Real NJ Example: A homeowner in Essex County hosted a backyard barbecue. A guest tripped and fell on uneven pavers, breaking their arm. The guest sued for medical expenses and pain and suffering. The homeowner’s liability insurance only covered $100,000, but umbrella insurance kicked in to cover the remaining $250,000 settlement.

  1. Dog Bites Happen, Even with the Best Intentions:

Even a friendly pup can have an off day and a single bite can lead to a hefty lawsuit. Umbrella insurance can help cover legal costs and potential judgments if your dog bites someone.

Real NJ Example: A woman walking her dog in Mercer County was bitten by a neighbor’s dog. The bite required surgery and ongoing medical care. The injured woman sued the dog owner, and umbrella insurance helped cover the $300,000 settlement.

  1. Accidents Don’t Discriminate: Protect Yourself Beyond Your Property:

Liability doesn’t stop at your doorstep. Imagine accidentally causing a car accident with serious injuries. Your auto insurance may not cover all the associated costs, but umbrella insurance can provide additional coverage for legal fees and judgments.

Real NJ Example: A driver in Bergen County accidentally rear-ended another car at a red light. The other driver sustained a back injury requiring extensive physical therapy. The at-fault driver’s auto insurance covered some of the costs, but umbrella insurance stepped in to cover the remaining $150,000 settlement.

  1. Peace of Mind is Priceless:

Knowing you have an extra layer of protection can provide immense peace of mind. Unexpected lawsuits can happen to anyone, regardless of how careful you are. Umbrella insurance allows you to focus on resolving the situation without worrying about financial devastation.

  1. It’s Surprisingly Affordable:

Compared to the potential costs of a lawsuit, umbrella insurance is a relatively inexpensive add-on to your existing policies. Premiums are typically based on your liability limits, but coverage can start as low as a few hundred dollars a year.

Don’t Wait Until It’s Too Late:

Umbrella insurance acts as a safety net, protecting your assets and future earnings from the financial burden of lawsuits. Talk to your insurance agent at The Secret Insurance Agency today to discuss how umbrella insurance can give you peace of mind and safeguard your future in New Jersey. We’re experts in helping New Jersey residents find the right coverage for their needs. Contact us for a free quote at 973.812.7327!