Umbrella Policy - which are best in NJ in terms of breadth of coverage?

truegrid

Apr 25, 2015 at 1:40am

Only found one thread previously which was more a debate on value of policy. Seeking information from anyone that has done a comparison of several umbrella policies available in NJ? (With my continued disappointment in my Agency/Agent). I found some information online from an agent in another state with a comparison chart he creates and uses for clients. Actually suggests to identify the best umbrella policy, then acquire an underlying policy if needed. My understanding is the coverage level is based on the assets that would be at risk if you were sued, either for liability not covered or related to property, or sued beyond the limit of the property policy (house, car, etc). It was interesting to see the breadth of types of liability coverage that could be included in a policy.

We quoted with FMI and NJM (because existing property policies are with them- NJM would not extend to cover rental property we own in NYC. FMI seems to be average to below average in terms of scope of liability it will cover.

I have seen other posts favoring Chubb in general for insurance. Any others that came out on top for others who have evaluated options?

sac

Apr 25, 2015 at 11:57am

We only looked at Chubb and NJM who were our homeowner and auto insurance providers respectively, because (at least as it was explained to us) the umbrella coverage overlays both. NJM would only write the policy if we switched our homeowners insurance to them and we didn't want to do that. Chubb was willing to write the policy, with NJM continuing as the automobile insurer, so we went with them. They were also well-rated, but we didn't actively compare to any other providers.