Umbrella insurance in Brainerd, MN is useful for a high net worth individual or business to extend the coverage limit of certain insurance programs. It may commonly be applied to homeowners insurance or auto insurance in the case of high-value items or significant wrecks. If you are shopping around for umbrella insurance, check out Central Lakes Insurance Brokers.
What Umbrella Insurance May Cover:
- Injury – Bodily or personal injury or your liability for others that may be injured on your property.
- Damage to your property – Damage from accidents may have your covered property with costly repairs or replacement items.
- Judgments – The amount you need to pay from a lawsuit exceeds your coverage.
Umbrella Insurance Doesn’t Cover Everything
There are typical exceptions to umbrella insurance plans, but it depends on the insurance company that you’re working with. If you cause damage to your own property, like from renovations or self-repair, your insurance company may deny a claim. If you negligently cause damage to a neighbor’s property, this instance likely won’t be covered either.
Lost profit in your business is another thing commonly omitted. If an accident or lawsuit puts your business on hold, profit may be lost yet this insurance policy is not the type of protection that will make up for it.
If your property is harmed from theft or vandalism, that is another thing that umbrella insurance may not extend to. It will also not likely cover damages if you intentionally cause harm to another’s property.
While basic insurance plans may be adequate coverage for some users, umbrella insurance may fill the gap for others in Brainerd, MN. To get a plan that fits your coverage needs, consider checking out Central Lakes Insurance Brokers.