Personal Umbrella Coverage: What You Need to Know 

A single lawsuit may put assets and future earnings at risk. Personal umbrella insurance can provide extra liability coverage when standard policies may fall short, helping you secure your finances against unexpected costs.

What Is Umbrella Insurance?

When a major liability claim or lawsuit arises, an umbrella policy can help cover costs that exceed your primary policy limits, including legal fees, medical expenses and damages. It can also add additional coverage that addresses situations such as libel or slander.

Why Is This Important in Indiana?

Liability claims can affect anyone, and the state’s legal environment means a single incident may lead to substantial financial consequences. For instance, if you are found responsible for a serious car accident or an injury on your property, your regular insurance might not cover all expenses.

Who Can Benefit from This Policy?

Our team recommends umbrella insurance for those who want added coverage, including the following:

• Homeowners concerned about accidents on their property
• Drivers seeking more coverage in case of serious auto accidents
• Business owners aiming to limit exposure to significant liability claims
• Individuals with substantial savings or assets

How Much Coverage Do You Need?

The amount of coverage you may need can depend on your financial situation and lifestyle. Consider factors such as:

• The total value of your assets, including savings, property and investments
• Potential risks you may face, such as owning a home with a pool or a rental property
• Having teenage drivers in your household
• Running a business or participating in activities that could increase liability exposure

Reviewing your current insurance and discussing your needs with an agent can help you determine an appropriate coverage amount.

How Lancaster Insurance Agency Can Help

Our team is dedicated to helping Indiana residents understand their risks and choose the most suitable policy options. Contact us today to learn more.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.