What Is Umbrella Insurance?
Umbrella insurance is a type of liability insurance that provides you extra protection. This protection is beyond the limits of homeowners, auto, or other primary insurance policies. It’s designed to protect assets in case of major liability claims, including judgments leveled against the policyholder that exceed the limits of their primary insurance policies.
Why Is Umbrella Insurance Important For Minnesotans
From car to home insurance, there are many types of policies that can provide protection from the unexpected. One type of policy that is becoming increasingly popular in Minnesota is umbrella insurance. This type of policy provides additional coverage beyond what traditional policies offer. This makes it a great way to protect assets and income in both Minnesota and Wisconsin.
As a homeowner in Minnesota, it’s important to understand the benefits of umbrella insurance. It can provide you with additional peace of mind and protection against unexpected and potentially costly legal situations. With the right umbrella policy, Minnesotans can have peace of mind. This comes from knowing their assets are protected no matter what life throws their way.
Reasons to Consider Umbrella Insurance:
Protection against Personal Liability Claims
Personal liability claims can come from a variety of sources, including property damage, bodily injury, and defamation. If you’re found liable for such claims, you may be responsible for paying for damages out of your own pocket. An umbrella policy can provide you with added protection beyond your primary policy limits. It can help protect assets such as your home, savings and investments that are at risk.
Protection Against Lawsuits
Legal proceedings are not predictable by nature. Even with a high-quality or premium primary policy, you can never predict what can happen in a lawsuit. An umbrella policy can provide additional coverage for legal fees, court costs, and other expenses associated with lawsuits.
Protection Against Accidents
Accidents can happen anytime, regardless of how cautious you are. You never know when when a serious accident where you’re found at fault will occur. Accidents, such as a car accident or someone being hurt on your property, can lead to expensive lawsuits. An umbrella policy can fill the gap between your primary policy limits and the total costs associated with the accident.
Protection Against Underinsured and Uninsured Drivers
Minnesota has a minimum liability insurance requirement for drivers as part of auto insurance. Unfortunately, it doesn’t guarantee that drivers will have enough coverage to pay for damages. If a driver with insufficient insurance causes an accident resulting in injury to another person or property. The injured party may not be fully compensated for their damages, which can lead to financial hardship.
With personal umbrella insurance, you can protect yourself with a policy against underinsured and uninsured drivers in Minnesota.
Coverage Across Multiple Policies
An umbrella policy works in conjunction with other primary insurance policies. It provides coverage across all your insurance policies, including homeowners, auto, and others you may have. Once the limits of your primary policies have been met, umbrella policy coverage begins.
Umbrella Insurance Can Make Sure You’re Protected
Umbrella insurance is an additional layer of liability protection that exceeds the limits of your primary insurance policies.
Umbrella Insurance Can Cover:
- personal liability claims
- lawsuits, accidents
- underinsured and uninsured drivers
- coverage gaps across multiple policies
- medical bills
As a Minnesota homeowner, an umbrella insurance policy can provide you with added protection and peace of mind. Protecting your assets in unexpected situations that you could not account for.
Get Started With An Agent
It’s essential to speak with a knowledgeable insurance agent, like ours at Hermann Insurance. We can help you choose the right umbrella policy with coverage limits that meet your needs.
Choosing a full service independent insurance agency like Hermann Insurance of North Branch, MN can offer clients peace of mind. You can rest easy knowing that they have access to a variety of well thought out options including Umbrella Insurance. They are knowledgeable experts who can guide you through the process.