Residents of New York state have varying needs when it comes to insurance coverage. If you live in New York, chances are that you carry liability insurance, whether through your homeowners, renters, car insurance or other policies such as boat, motorcycle or ATV insurance. New York umbrella insurance can provide even more liability coverage that can save you money if you are responsible for an accident or loss.
A Trusted Choice® member agent can help you understand your liability coverage needs. By using their relationships with several different insurance companies, independent agents can easily find you a variety of competitively priced policies that meet these needs. Contact an agent in your neighborhood to get New York umbrella insurance quotes that will help you save.
Average Liability Awards in 1999
- The average award for all liability cases was $1,004,308
- The average award for liability in vehicular accidents was $315,653
- The average award for personal negligence cases was $2,959,047
What Is a New York Umbrella Insurance Policy?
An umbrella insurance policy increases your liability coverage over-and-above your existing insurance coverage with auto, home, ATV, or motorcycle, for example. If you are involved in an accident for which you are deemed liable and the costs exceed the liability coverage included in your policies, your umbrella insurance will pick up where they left off. This way, you are not left with excessive out-of-pocket liability expenses.
In today’s litigious society, it is advisable to carry as much liability insurance as you can afford. Juries tend to give large awards when liability cases are taken to court. In addition, legal fees for a defense lawyer and court costs can add up fast. Umbrella insurance is a wise investment that can help protect you from the possibility of financial ruin or bankruptcy.
How Much Liability Coverage Do You Have?
New York’s state minimum liability coverage for car insurance is $25,000 per injured person, up to $50,000 total and $10,000 in property damage coverage. Renters, condo and homeowners insurance providers typically allow you to purchase between $100,000 and $500,000 in liability coverage. By purchasing a New York umbrella policy for just $200 to $300 a year, you can significantly raise your liability coverage limits.
In many cases, the more you have in personal assets, the more you stand you lose if your actions result in an injury or property loss to another person. The addition of a New York umbrella insurance policy can protect you.
Car Insurance and Umbrella Policy Example
The state minimum liability coverage is often not sufficient to cover all liability costs after a major accident. If several people are injured, or if someone is injured badly enough to require long-term care, you may find yourself facing hundreds of thousands of dollars in liability expenses, and that does not include court costs and legal fees. An umbrella policy will ensure that you can meet these costs.
New York is one of the most expensive states in the country for car insurance. There are minimum liability limits that this state requires you to carry – but liability awards can be very high if you’re taken to court. For this reason, it is a good idea to consider an umbrella policy, as you’ll be able to rest easier with minimum liability limits on your auto insurance.
Save Money on Renters, Condo or Homeowners Insurance
When you have an umbrella insurance policy in place, you can choose to spend less on your home or renters insurance by selecting lower liability limits. Here is some data on average costs of liability claims that could affect you:
- The average cost of a slip-and-fall accident claim is $23,000
- The average dog bite liability claim is nearly $30,000
- Fire damage claims in apartment buildings where more than one unit is damaged typically exceed $100,000
Accidental fires have the potential to bring extremely high liability costs. If you live in an apartment building, an out-of-control fire can destroy your property and the property of those around you. Even in single family homes, neighboring houses are sometimes affected during a fire. Having an umbrella policy in place will ensure that you can pay your liability costs without suffering undue financial hardship.
Save on Other Insurance Policies
Because of New York’s proximity to so many lakes and waterways, it is not surprising that so many of its residents own boats and PWCs. If you carry boat or PWC insurance, you can increase your liability coverage with an umbrella policy. Similarly, ATV enthusiasts can enjoy increased liability coverage when they carry an umbrella policy over and above their ATV liability insurance.
Think about all the insurance policies you have that include liability coverage. The greater the number of liability coverage policies you have, the more you can save by having a New York umbrella policy in place. An independent agent in the Trusted Choice network can review your current policies and help you determine if a New York umbrella policy is right for you.
Learn More About New York Umbrella Insurance
Trusted Choice member agents are always ready to help. Because every member agent has taken a pledge to provide exceptional customer service and ethical advice, you can rest assured that your agent has your best interests at heart. Umbrella policies are not right for everyone, but for others, they can save money and provide much-needed peace of mind.
An independent agent in your neighborhood can do more than just help you find a competitively priced umbrella insurance policy. Agents can also answer your insurance related questions and might even be able to save you money on your current policies. Find a member agent in your neighborhood to receive obligation-free New York umbrella insurance quotes.