High-Value Umbrella Insurance

High-Value Umbrella Insurance Options from Tri-State Insurance Agency

New Jersey has the distinction of having the highest percentage of millionaire residents in the nation. What’s more, several of the Garden State’s wealthiest towns are located in northern areas such as Morris County, Bergen County, Somerset County, and Mercer County, where many of Tri-State Insurance Agency’s residents call home. Unfortunately, these affluent residents are more likely to become targets of multimillion-dollar liability lawsuits in the aftermath of an accident for which they are at fault.

In extraordinary circumstances, your existing coverage simply may not be enough.

As a person of means, you’ll have purchased a considerable amount of liability insurance in your homeowners and auto policy. Just as likely, you will have a significant amount of liability coverage if you own a boat, ATV, collector or antique automobile, motorcycle, or similar item. Even so, these amounts may not be sufficient to protect your assets should a major loss or accident occur. Considering that many personal injury awards today exceed $1 million, whereas an auto or homeowners policy limit may max out at $500,000, it’s clear that umbrella insurance is a must for affluent clients.

An umbrella policy kicks in where your homeowners and/or auto policy limits have been exhausted, typically offering $1 million to $5 million in protection. Certain clients whose assets warrant even higher levels of coverage can obtain a high-value umbrella policy from certain insurers, with limits that stretch to $50 or even $100 million. Besides the greater policy limits, the umbrella policy also provides broader coverage, including risks not protected under standard insurance. Despite the high amount of protection, the cost per million dollars in coverage is quite reasonable, and may amount to just a few hundred dollars.

For real protection, make sure all your assets are considered.

The professionals at Tri-State Insurance Agency are pleased to offer you an in-depth analysis of your existing umbrella policy to ensure your coverage is sufficient to fully protect your assets. It’s important to note that the appropriate amount should reflect not only your liquid assets but also real estate equity, other investments, savings, appraised value of personal collections and possessions, future earnings and other income streams, and more.

Throughout Pennsylvania, northern New Jersey, New York and surrounding environs, let Tri-State Insurance Agency serve as the go-to professional for your comprehensive personal insurance needs. For a free consultation and quote, we invite you to call us toll-free at 888.990.0526, email us or complete the form on this page.