Define Umbrella Insurance

Umbrella Insurance is a type of liability insurance that provides coverage above what your existing insurance policies offer. It is designed to protect you and your family from financial ruin if you should be involved in a catastrophic event and your existing insurance doesn’t provide enough coverage. We mean a catastrophic event such as a major lawsuit or a fatal automobile accident, or any other occasion where your present insurance policy doesn’t cover you adequately. This is what Umbrella Insurance (or Excess Liability Insurance) is meant to do – cover you like an umbrella. This type of insurance policy will cover you to much greater limits than most Homeowners or Automobile Insurance. Bogle Agency Insurance offers Umbrella Insurance to NJ clients who feel the need for additional liability protection beyond the limits of existing policies.

Is Umbrella Insurance Required?

Umbrella Insurance is not required by law, but if you want to protect your assets and financial security, it is a good investment. It could be especially beneficial if you have significant assets, have a teenage driver, or are maybe in a high-risk profession, such as doctors, lawyers, business owners.

If you have a large home in a high-priced location, own more than one car, have investment properties, etc., you could be at higher risk of being sued for a large amount of money. Teenage drivers are more likely to have accidents and this can result in higher insurance claims. What we note as high-risk professions may put you at greater risk for malpractice or negligence lawsuits. Umbrella Insurance can provide additional coverage and protection above what you have in standard policies.

Excess Liability Insurance or Umbrella Insurance is important because it offers an extra layer of protection for your assets and financial security. Without it you could risk losing your home and savings in the event of a lawsuit. With Umbrella Insurance you know you have greater protection from financial losses that exceed your standard insurance policies. Umbrella Insurance is usually affordable, which makes it a cost-effective way of protecting yourself and your family from potential financial ruin.

Talk To A Professional

Bogle Agency Insurance agents are always happy to discuss Umbrella Insurance, or any other type of insurance you may need, and explain the pros and cons. We are here to help you figure out what protection you need and to find the insurance coverage that suits your situation. We can be reached at (201) 939-1076 for you to make an appointment with one of our knowledgeable and experienced agents.