Umbrella Insurance: Additional protection over your underlying policies

Umbrella Insurance in Lafayette, Indiana

An umbrella policy is extra liability protection that sits on top of your home, auto and other policies. If you’re found responsible for a serious accident and the damages are more than your auto or homeowners liability limits, your umbrella policy can pay the difference. For many families in Lafayette, West Lafayette and the rest of Tippecanoe County, it is one of the most affordable ways to protect savings, home equity and future income from a large lawsuit.

Who should consider an umbrella policy?

You don’t have to be wealthy to need an umbrella. Lawsuits are based on damages, not on how much you own. Consider one if you:

• Have teen drivers, or spend a lot of time on the road
• Own a pool, trampoline, dog, boat, ATV or golf cart
• Own a rental property
• Coach youth sports, volunteer or serve on a board
• Host guests often
• Have retirement savings, home equity or a business you want to protect

What an umbrella policy covers

• Bodily injury liability above your auto, home, boat or other policy limits
• Property damage liability when you damage someone else’s property
• Legal defense costs, which many policies pay in addition to your limit
• Certain claims your other policies may not cover, such as some libel or slander claims, depending on the policy

An umbrella policy does not cover your own injuries or damage to your own property, and it does not cover business activities. If you own a business, ask us about commercial umbrella insurance.

How umbrella insurance works with your other policies

Most companies require you to carry certain liability limits on your underlying auto and home policies before the umbrella applies. Umbrella policies are usually sold in $1 million increments. Because we’re an independent agency, we can line up your auto, home and umbrella coverage so there are no gaps between them, and we can often place them with the same company for an added discount.

Umbrella insurance FAQs

How much umbrella coverage do I need?

A good starting point is enough coverage to protect your net worth and future earnings. Many families start with $1 million and add more if they have more assets or more risk, such as teen drivers or rental properties.

Does an umbrella cover my teenage driver?

In most cases, household members listed on your underlying auto policy are covered by your umbrella. We’ll make sure every driver and vehicle is set up correctly.

Is umbrella insurance expensive?

Usually not. Because it only pays after your other policies are used up, umbrella coverage is often one of the best values in insurance. Call or text 765-474-2300 and we’ll quote it alongside your current coverage.