Myths about Umbrella Policies

Did you know you may not be fully covered with your existing insurance policies? Learn more about umbrella insurance policies and if you are fully insured.

Image by Gerd Altmann from Pixabay

As your independent insurance, we feel it’s our duty to provide you with the best tips, tricks, and information for navigating this world safely. With this in mind, we wanted to provide you with some information on umbrella policies and the myths behind them:

  1. Umbrella policies are only for the rich. Not true! Lawsuits are common nowadays and large settlements are often needed to appease the aggrieved party. Umbrella insurance can provide you with extra protection in case this happens to you.
  2. The premiums of this insurance are too expensive. Some policies are expensive, but yours will always depend on your needs, the coverage you require, and personal risk factors.
  3. You can use other policies instead of buying umbrella insurance. Sure you can use your financial assets, your future earnings, and even your home to pay for a legal judgment. You can also use other policies to satisfy the payment. However, only an umbrella policy can provide you with more protection in case the settlement is beyond the limits of your other coverage.

It is common for people to think that no one is going to sue them. You may not be at risk of getting a lawsuit today, but you never know what holds in your future. This is why umbrella policies are a must have. If you want a quote or you want more information, contact us to get the facts straight.

Visit our website to get started! Or call us at (317) 886-0081. We serve Indiana and Ohio.

Lynch Agency

Author: Scott Lynch Agency

The Scott Lynch Agency serving the States of Indiana and Ohio as a multiple line insurance agency. We offer business and personal insurance to cover your property, your liability and your life. Call us at (317) 886-0081 for a no obligation consultation.

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