Frequently Asked Questions

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Umbrella Liability

Why have it? What is it? Who needs it?

Skyrocketing court settlements and medical costs can cause uneasy feelings about the adequacy of insurance protection.

Liability insurance pays for injuries to others due to negligent acts by you or another covered person on your policy. Although the liability insurance provided under a home or auto insurance policy is adequate for most situations, in a few instances large lawsuit settlements do approach or exceed the limits of these policies.

An umbrella liability policy is designed to give you peace of mind from this concern. It adds one million dollars (or multiples of $1 million) of protection to the liability limits of your home and auto insurance policy.* Should a judgment against you exceed the limits of that policy, the umbrella picks up the unpaid portion up to the umbrella policy limit.

Persons most likely to purchase an umbrella policy are:

  • "Likely "targets" for a large lawsuit--professionals, business owners, property owners, higher income individuals, etc.
  • Those who want greater peace of mind knowing that their life savings will be protected from a financially devastating lawsuit.
  • Coverage cost varies, but it is generally $115 to $150 per year for a $1 million limit. If you would like more information on this topic, please call us. We will be happy to discuss it with you.

*The umbrella can also increase the liability limit for your boat, rental property, motor home, recreational vehicle, motorcycle, vacation home and others.

McCord Insurance Agency

Two Locations for Your Convenience:

Greenfield, IN:

  • 203 North Broadway
  • Greenfield, IN 46140

    • 317.462.3333

  • Click here for a map


    • Fortville, IN:

  • 100 W. Broadway, Suite A
  • Fortville, IN 46040

    • 317.485.6415

  • Click here for a map


    • Office Hours:

  • Monday - Friday: 8:30 a.m. to 5:00 p.m.