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Insurance Blog

3 Questions to Ask Your Agent About Umbrella Insurance

If you’re looking at insurance coverage options to protect what matters most, you may want to get an umbrella insurance policy. O’Donnell Agency LLC can help if you’re in New Jersey and want to learn about your options before making your choice.

Here are three of the most important questions to ask your agent:

1. What Kinds of Situations Does This Cover?

Umbrella coverage is designed to protect you over and above the limits of the other policies you already have. With that in mind, though, it may not cover every situation you could otherwise be insured for. Make sure you talk to your agent about any specific concerns, so you know whether you’ll be covered.

2. What Coverage Level Do I Need?

The amount of coverage you’re looking for is also important. Some people want or need more than others, and you don’t want to be unprotected if it’s possible to increase your coverage for a little extra security. Giving your agent a good understanding of your situation makes it easier for them to recommend coverage levels.

3. Is This Insurance Right for Me?

Whether umbrella coverage is right for you is something only you can decide, but your agent can help you understand how it works and what kinds of scenarios it covers. Then you can decide if it’s something you want to include with your other policies.

We Are Here To Help

If you’re in New Jersey and thinking about umbrella insurance, O’Donnell Agency LLC is here to help you get the right policy and coverage options for your situation. Not only does that offer you additional protection in the event of a claim, but it can also give you much more peace of mind for the present and your future.

How much umbrella insurance do I need?

There is no one-size-fits-all answer to the question of how much umbrella insurance you may need, as it will depend on a number of factors, including the value of your assets, the amount of liability coverage you already have, and your level of risk tolerance. However, a good rule of thumb for people in the New Jersey area is to purchase an umbrella insurance policy from O’Donnell Agency LLC that provides coverage up to the value of your net worth.

Why Umbrella Insurance?

This will ensure that you are protected in the event that you are sued for an amount that exceeds your current liability coverage. Be sure to speak with an insurance agent about your coverage needs for the most accurate assessment. They can also help you understand the terms and conditions of your umbrella policy and provide advice on which type of coverage is best suited for your individual circumstances. With the right protection in place, you can be confident that you are safeguarded against potential financial losses due to unexpected legal issues. 

In addition to your umbrella policy, it’s important to review all of your other insurance policies regularly and make sure they are up-to-date with the latest coverage limits. This includes health, auto, home, life, and disability insurance. Depending on where you live, you may also need to purchase additional coverage, such as flood or earthquake insurance.

Give Us A Call

By working with an experienced insurance agent at O’Donnell Agency LLC, you can be sure that you have the right level of protection in place to protect your assets and livelihood. We proudly serve the state of New Jersey and would be glad to help you find a policy that meets your needs and your budget.

How Umbrella Insurance Works

When you already have home and auto insurance policies, you have some protection against a number of risks. However, you might not have as much coverage as it takes to pay for certain accidents. It’s helpful to get umbrella insurance in addition to those policies. Umbrella insurance is unique, and it doesn’t work like most other types of policies. When you want umbrella insurance, call us at O’Donnell Agency LLC in New Jersey.

Add to Your Other Policies

Your home and auto policies have several different types of coverage within each policy. One of these is liability coverage. The problem is that home and auto policies often have too little in the way of liability coverage. This can mean that after an accident in your home or with your vehicle, your liability coverage may not be enough to pay for the medical bills and other expenses that are due. That’s why umbrella insurance is increasingly popular. Umbrella insurance adds more liability coverage to both your auto and home policies so that you have better coverage for serious accidents. 

Paying for Accidents

When there is an accident that happens with your vehicle or on your property, there will be medical bills and other expenses due. First, your home or auto policy steps in to pay for those expenses. If the maximum payout on the policy isn’t enough to pay for the liability costs, there will be an overage that’s up to you to pay. When you have an umbrella policy, it will come in and pay for that overage. This saves you from having to pay it yourself. 

Get Umbrella Coverage

When you have umbrella insurance, you have a policy that will pay the overage that you owe to save you what could be an enormous amount. To get umbrella insurance, call us at O’Donnell Agency LLC in New Jersey.

Umbrella Insurance Essentials

Many people in New Jersey are completely unfamiliar with Umbrella Insurance and what it is for. The professionals at O’Donnell Agency LLC are well versed in Umbrella Insurance and why it is important for New Jersey residents to carry this coverage.

Umbrella Insurance is also referred to as personal liability insurance. The most basic definition is that this is a type of personal liability insurance designed to cover claims that exceed what your regular insurance policies cover.  It serves as an additional layer of protection to protect your assets in the event of an incident or lawsuit. Umbrella insurance covers situations that don’t involve your property or your vehicle, which means it is incredibly useful for scenarios that are outside of normal insurance claims.

Umbrella insurance is not the same as excess liability coverage. It covers not only items that you are already insured for, but a wide range of contingencies that a typical insurance policy will not cover. Umbrella insurance covers you and your co-insured against items such as:

  • Lawsuits involving injury to others (such as your dog biting your neighbor)
  • Damage to other people’s property
  • Slander or defamation lawsuits
  • Landlord liability

It’s also important to note what Umbrella Insurance does not cover. Examples of non-covered instances are:

  • Damage to your personal property (this is what your homeowner’s insurance is for)
  • Damage that you or a member of your household caused maliciously or on purpose – for example, spray painting someone else’s home or car or tripping someone and causing them to fall and be injured
  • Liabilities occurring during the course of business or professional activities (those would fall under business insurance)

The team at O’Donnell Agency LLC wants to help make sure you are properly protected and are waiting to answer all of your questions about Umbrella Insurance!

Why should I invest in an umbrella insurance policy?

In the state of New Jersey, it continues to be very important that you spend time assessing your personal insurance needs. One type of insurance that all people in this state should think about getting is umbrella insurance. An umbrella policy will offer you personal liability insurance protection. There are several situations when someone should invest in a new umbrella policy.

When Looking for More Coverage

One situation when someone should get an umbrella policy is when they are looking for more insurance coverage. Most people are going to receive some personal liability coverage through their auto and home policies. However, the coverage that is received will be limited by the policy limit. If a liability claim exceeds this amount, you will have to cover the balance yourself. An umbrella policy can give coverage for liability that is not covered by the base policies.

Coverage for More Risks

It would be best if you also got an umbrella policy when you want coverage for more risks. When you have umbrella coverage, the number of situations covered by the policy is rather vast. This can ensure that you are prepared for unexpected situations that can occur. 

There are plenty of reasons why someone in New Jersey should get an umbrella policy. Due to the benefits that this insurance provides, you should always make sure that you get the support and guidance needed to make an informed decision. One company that can help you better assess your needs and options is the O’Donnell Agency LLC. If you do work with the O’Donnell Agency LLC, you can have all of your questions answered and pick a policy that is ideal for your situation and mitigates your personal liability risk as much as possible. 

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