Residents in the state of Indiana have varying insurance coverage needs, but regardless of whether you live in a rural area like Benton County or a large city like Indianapolis, you could face excessive liability charges. In most cases, a regular insurance policy will adequately cover your risks, but when an accident results in severe injuries or death, the liability costs will often exceed your policy’s coverage limits. At times like these, an Indiana umbrella insurance policy can protect you from financial hardship.
You can count on an independent insurance agent in our network for assistance in determining your unique liability risks and coverage needs. Because they have relationships with several different insurance companies, member agents can easily provide you with a variety of competitively priced policies that meet those needs. Contact an agent today to obtain a variety of Indiana umbrella insurance quotes.
- After a Pit-Bull attacked and injured an 8-year old girl, a jury awarded the child’s family $107,000
- When a rear-end vehicular collision lead to the death of a couple, a jury awarded the victim’s families $3.5 million
- When a rear-end vehicular collision lead to a herniated disk, the victim was awarded a judgment of $725,000
- A jury awarded a woman who suffered permanent damage to her ankle and spine after falling in someone’s home a judgment of $833,704
- A woman who broke her foot climbing poorly maintained steps in an apartment building was awarded $439,000
- A worker who became paralyzed after the scaffolding he was standing on collapsed received an award of $8.7 million from his employer
What Is an Indiana Umbrella Insurance Policy?
The purpose of an Indiana umbrella insurance policy is to provide extra liability insurance for all of your policies that include liability coverage like home, auto, or boat, for example. If you are liable for an accident, your primary insurance will cover the expenses up to your coverage limit. If the costs exceed this limit, your umbrella insurance policy will kick in to pick up the costs so that you are not left with extreme out-of-pocket liability expenses.
In today’s litigious society, it is a good idea to have as much liability insurance as you can afford. Juries tend to grant major judgments when liability cases are taken to court. An Indiana umbrella insurance policy can be a wise investment; it can protect you from financial hardship or the need to file for bankruptcy.
Know Your Liability Coverage Limits
Most Indiana residents carry liability coverage in the form of auto, and homeowners or renters insurance. You may have other insurance plans that offer liability coverage, whether through a business insurance policy or through motorcycle, boat, RV or ATV insurance. You can raise the liability limits on all your policies by purchasing an Indiana umbrella insurance policy. As a general rule, the more assets you have, the more you stand you lose if your actions or negligence result in injuries or damage. Extra insurance coverage through an Indiana umbrella policy can protect your assets and your financial well-being.
Indiana Vehicular Accident Statistics
Car insurance at Indiana’s state minimum provides liability coverage of $25,000 per injured person, up to a total of $50,000, and $10,000 in property damage coverage. While these minimum coverage limits may seem high, they are often not sufficient to fully cover the costs of accidents that involve several individuals or that result in serious injuries or death. Here are some statistics to consider:
- There were 188,132 traffic accidents in the state
- Of these accidents, 2,858 resulted in incapacitating injuries
- Fatalities occurred in 674 of these accidents
Fortunately, most collisions result in property damage only or in minor injuries. However, enough accidents occur to warrant liability coverage beyond the state minimum requirements. An Indiana umbrella insurance policy will allow you to acquire additional liability coverage while saving money by buying your car insurance at state minimum coverage amounts.
Increase Your Homeowners Liability Coverage
- More than 8 million Americans were injured due to unintentional falls in recent years
- In more than 20,000 cases, the injuries proved fatal
- Falls are the leading cause of Emergency Room visits in this country
- About 20% of all spinal cord injuries and cases of paralysis are due to injuries sustained in slip and fall accidents
- Falls were the leading cause of non-fatal injuries and the fourth leading cause of all fatal injuries in the US in previous years
A homeowners insurance policy will provide liability coverage in the event that you are held liable for an injury to a guest in your home. This can occur if someone slips on a wet floor or falls downstairs you didn’t repair. You could also be held liable if someone is injured on your property while swimming, using a trampoline, or if your dog bites a visitor.
On a separate note, accidental fires have the potential to lead to extremely high liability costs for those who live in condos, townhouses or other close living situations where a fire in their home can damage neighboring property. This is another situation where having an umbrella policy in place will ensure that you have enough coverage for your liability costs.
Learn More about Indiana Umbrella Insurance
If you are interested in purchasing an umbrella insurance policy, or if you have questions about how it works or how much it will cost, you can turn to an agent. Umbrella policies may not be ideal for all people, but for most, they can be a cost-effective way to achieve extra coverage and acquire peace-of-mind. An agent can help you determine if an umbrella policy is right for you. Every network agent has taken a pledge to provide exceptional customer service and ethical advice. Your local member agent may even be able to find ways to help you save money on your other insurance policies.
Find an agent by entering ZIP code and start comparing Indiana umbrella insurance quotes today.