A Personal Umbrella policy provides higher limits of liability coverage for your Personal Auto and Homeowners policies. Increased limits of liability are beneficial in the event that an automobile accident or a homeowners liability incident results in an injury and a subsequent lawsuit filed against you. Umbrella coverage is worldwide and intended for personal exposures only.
An Umbrella policy also offers protection against Personal Injury Liability, such as libel, slander and defamation, which are not covered by Auto or Homeowners policies. Applicants must have and, if accepted, must maintain both Personal Auto and Homeowners policies issued by New Jersey Manufacturers Insurance Group. Each of these underlying policies must have a liability limit of at least $500,000.
The base premium for $1,000,000 of excess liability coverage for a risk involving two cars, one residence, no inexperienced drivers and no other liability exposure, premium will range from $200 to $250 for a New Jersey or a Pennsylvania policy.
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