You’ve spent a lifetime accumulating the possessions you have. Whether you own valuable artwork, a home, or state of the art electronics, you want to protect those investments.
In addition, many people don’t learn until too late that the insurance coverage they have on their homes and automobiles is not adequate to their needs in today’s litigious society.
That’s where Insurance Center of North Jersey comes into the picture by offering umbrella insurance coverage for an added layer of protection for your personal possessions.
Who Needs Umbrella Insurance Coverage?
This type of policy is a wise choice for anyone. Accidents happen all the time and you can never predict what will happen to your family or what you might be held responsible for.
There are some people, however, that’s absolutely essential for. This includes people who parent teen drivers, spend a lot of time on the road, own dogs, or even those who have swimming pools.
While no one wants these things to happen, they sometimes do. The result, more often than not is a lawsuit, which could very well lead to a judgment that exceeds the value of your current liability protection. This leaves you forced to liquidate assets in many of the following ways to come up with the remaining funds.
- Cashing out retirement funds.
- Selling your home.
- Selling cars.
- Closing out brokerage accounts.
- Getting rid of everything of value you own in order to come up with the judgment amount.
Umbrella policies bridge the gap. With the right amount of umbrella coverage, you can eliminate the need for liquidating assets altogether.
How to Make Umbrella Coverage More Affordable
The desire to cut costs is certainly understandable. However, it’s important to do so without cutting corners when it comes to coverage.
Umbrella insurance is an important investment for families of all shapes and sizes – essentially anyone who has assets worth protecting benefits from the additional security this type of coverage providers.
The good news is that it’s fairly simple to cut costs on umbrella policies without sacrificing the level of protection you need.
- Bundle policies with the same providers in order to cut costs – many carriers provide deep discounts for people who own multiple policies.
- Compare prices across several different carriers to find the perfect combination of coverage, benefits, and costs for your budget.
- Work with an independent insurance agency. Independent agents are able to compare prices of several different carriers in order to create the total coverage package that works best for your needs at an affordable rate.
- Increase deductibles on other coverage. Increasing the deductibles on your home or auto policies can save money on those policies in order to reduce the pinch of an umbrella policy.
The key though is to get the coverage you need. Once you’ve invested in an umbrella policy you will generally find that an additional million dollars of coverage is surprisingly affordable.
Why Work with Insurance Center of North Jersey?
Located in Maywood, NJ, we’ve served the states of New Jersey, Pennsylvania, and New York for 80 years and are gearing up for the next 80. We have a wide range of experience and insight to offer when it comes to the insurance needs of people in Bergen County, NJ and beyond.
We’re an independent agency that believes the best way to serve the community is to maintain the flexibility to compare policies and prices in order to bring the best values home to our neighbors.