Umbrella Insurance in Minnesota

What Is Umbrella Insurance?

Umbrella insurance in Minnesota was created to give additional liability coverage above other policies. It can help protect you from bodily injury or property damage that you are legally responsible for. It can't act as a primary insurance policy, since it doesn't cover anything specific, and should be used as additional liability coverage.

Who Should Get Umbrella Insurance?

An umbrella policy in Minnesota can be designed for anyone that has wealth and wants to keep his or her wealth. The policy protects you if you are sued, and these days anyone can be sued. If you have no property, any future earnings could be at risk. The most popular limit for umbrella insurance is $1,000,000, but policies can go up to $10,000,000. Many people are finding that they feel more comfortable with a higher limit since today's society is very litigious. This can also help protect an average citizen who may end up causing large amounts of damage in an auto accident or other incidents.

What Is Not Covered under Personal Umbrella Insurance?

Since an umbrella policy is not designed to be a primary insurance, some things are not covered. If you have a personal umbrella policy, businesses are not included, including home-based businesses. It does not cover your personal property. For example, if your kitchen sink floods, umbrella insurance will not cover damage for that. However, if the flood destroys your neighbor's property, then umbrella insurance will cover that. Umbrella insurance will not cover any contracts, whether written or orally spoken, or any fraudulent actions. An agent at Central Lakes Insurance Brokers serving Edina, MN can go over coverage options.

Benefits of Umbrella Insurance

Even though umbrella insurance won't cover some things, there are benefits. The main reason to get this policy is to protect your assets. If you have a lot of assets, you can benefit from this policy. It will give you extra liability coverage and peace of mind. It's possible you may never have a situation where you need this coverage, but knowing you have it means you can relax.

Contact an agent at Central Lakes Insurance Brokers serving Edina, MN to get a quote on umbrella insurance.