Umbrella Insurance in Indiana

Many people in New Albany, IN, often think that umbrella insurance is for the wealthy. Many don’t buy or read the policy to understand how it works. It’s important to understand that you need umbrella insurance as long as you can be sued. CXE Insurance recommends buying this policy together with your home, boat, and auto insurance to help complement them.

Remember, umbrella insurance doesn’t work alone. It would be best to deplete standard policies to use your umbrella policy. Here’s everything you need to know about umbrella insurance in Indiana.

What is Umbrella Insurance?

Umbrella insurance is a type of personal liability policy you can use if you’re liable for a claim more significant than your boat, home, or auto insurance. That means if your liability claim on your auto insurance is not enough to cover all the damage or injuries, umbrella insurance can come in and settle the rest.

How Does Umbrella Insurance Work?

Umbrella insurance is a unique policy that covers you, your family members, and your pets. For instance, if your dog viciously attacks your neighbor while walking and your neighbor sues you for the injuries, umbrella insurance can help pay the medical bills. It’s worth noting that umbrella insurance in Indiana does not cover damage to your property, including your possessions. It also won’t cover damage or injuries you cause criminally or intentionally.

Who Needs Umbrella Insurance?

We all need umbrella insurance. Whether you’re wealthy or not, you can be sued, and chances are high that the legal cost could exceed what you can pay. Plenty of stories where judges awarded multi-million-dollar judgments to victims that people had to pay. If you’re a business owner, a landlord, or an asset owner, you’re more likely to be sued by many different people. Umbrella insurance can help pay for the legal fees.

Need umbrella insurance in New Albany, IN? CXE Insurance can help you get the right policy at an affordable price. Contact us for more information.