The purpose of an umbrella insurance policy in Indiana is to provide extra liability insurance for all policies that include liability coverage, such as home, auto, or boat. If a policyholder is liable for an accident, their primary insurance will cover the expenses up to the coverage limit. If the costs exceed this limit, an umbrella insurance policy will kick in to pick up the costs so that extreme out-of-pocket liability expenses can be avoided.
In today’s litigious society, it is a good idea for insureds to have as much liability insurance as they can afford. Juries tend to grant major judgments when liability cases are taken to court. An umbrella insurance policy can be a wise investment. It can protect policyholders from financial hardship or the need to file for bankruptcy.