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Your home and car insurance policies provide a certain amount of protection from liability, but is it enough? If someone sues you because of property damage or injury, he or she may win a settlement that exceeds the limit of your standard insurance policies. For this reason, many people choose to purchase additional protection in the form of umbrella insurance.

Understanding Umbrella Insurance

Umbrella insurance policies provide extra protection against liability that kicks in when your personal home or car insurance policies have already paid their maximum benefits. Without this type of coverage, any remaining money owed would be your responsibility, and you may be forced to sell your assets in order to meet the court's requirements.

For example, assume someone sustains an injury on your property and sues you for $1 million, but your home insurance policy has a liability limit of $250,000. In this case, a sufficient umbrella insurance policy would pay the remaining $750,000. If you don't have a sufficient umbrella insurance policy, however, you will be responsible for the remaining amount. If you don't have that much money on hand, you could be forced to sell your home, car and other assets to pay as much as you can.

Do You Need It?

Although some people believe that umbrella insurance is only appropriate for the extremely rich, it can be beneficial for anyone who assumes liability risks and owns valuable assets, such as real estate, automobiles or retirement accounts. To determine whether you need umbrella insurance, simply compare the value of your owned assets to the limits of your current policies. If there is a gap, purchasing an umbrella insurance policy will cover it.

If you still aren't sure whether you need umbrella insurance, or if you would like to discuss your situation further, contact an insurance agent at Marine Agency today to learn more. We can help you decide whether you need this type of coverage, and we can guide you through the process of selecting the policy that's best for you.

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422 US Hwy 22 W, Unit 7
Whitehouse Station NJ 08889

Local: 908-838-9762

Toll-Free: 84-INSURE-NJ (844-678-7365)


9 AM - 5 PM , Monday - Thursday;

9 AM - 4 PM, Friday

Mailing Address

PO Box 125
Whitehouse Station NJ 08889

Local: 973-763-4711

Toll-Free: 800-35-MARINE (800-356-2746)