Umbrella Insurance In Indiana
You have worked hard for the life that you enjoy in Indiana. It would be tragic to have an at-fault incident strip you of the financial security that you have labored to attain. An umbrella insurance policy can help you keep your footing when your standard assurance plan falls short. Read on to learn more about this type of insurance. Call the experts at Beacon Insurance for a quote!
What Is Umbrella Insurance?
Umbrella insurance is an indemnity plan that serves as an extra safety net when your standard policy is not enough to pay for all of the damage. You can file a claim with your umbrella assurance provider when you have exhausted the limits of your traditional auto, home, and renter’s assurance plans.
How Does Umbrella Insurance Work?
Umbrella insurance does not work until after you have exhausted all of your options. It is only when your policy limits have been reached that the extra safety net comes into play.
Say, for instance, that your auto insurance plan has a policy limit of $15,00 for property damage. The damages that you have caused, however, come to $20,000. An umbrella assurance policy can cover the remaining $5,000.
As with any indemnity policy, an umbrella assurance plan requires premium payments. You may find that your financial net is larger when you choose to pay more per month. On the other hand, your security may be a bit thinner if you go the frugal route of paying less in premiums every month.
Why Do You Need A Policy?
Some consumers in Indiana do not see the need to purchase an umbrella insurance policy because of the additional cost. You should still consider a plan even with the added expense.
An umbrella policy can save you from financial turmoil in the instance of your standard plan falling short. You are legally responsible for damages that you cause in an accident even if your assurance plan fails to pay for everything. It is not hard to find yourself on the receiving end of a lawsuit if you fail to compensate for all expenses.
An umbrella insurance plans give you the security of knowing that you are covered even when the policy limits of your standard indemnity plan fail. There is little need for you to find another way to pay for damages when you have this second form of assurance.
How Much Umbrella Insurance Do You Need?
The amount of umbrella assurance you need depends on your lifestyle and preferences. Those with wealth to lose may choose to pay more in monthly premiums for higher policy limits. Individuals who are just starting out may opt for a cheaper plan that provides just enough security.
The associates at Beacon Insurance can help you find the umbrella insurance plan that best satisfies your needs. Call them today to get started with a quote!