We sometimes hear this concern from seniors. “We’ve worked all our lives to build our nest egg. Now we feel like we’ll have a target on our backs if someone sues us. What can we do?”
An Indiana driver must have a minimum liability coverage of $25,000.00 per person and $50,000.00 per accident. That’s just the minimum; most people should have more. Under the law, a person’s personal wealth may be exposed if the insurance is not enough.
Peace of mind may come from an “umbrella” or “excess” insurance policy.
If you are sued for damages above the liability limits of car or homeowner’s insurance, the umbrella policy helps pay the excess amount, so you won’t have to dip into your retirement assets. An umbrella policy can be surprisingly affordable, especially if purchased from the same company insuring your home and car.
We encourage you to sit down with your insurance professional to discuss this and all your coverages.
This article is for information purposes only and is not intended to constitute legal advice.