Myths about Umbrella Policies | Scott Lynch Agency Skip to main content

Myths about Umbrella Policies

By November 3, 2020June 4th, 2021Personal Umbrella Insurance

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 agency, 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