Get Extra Liability Coverage at a Low Cost
Protect Your Assets or Future Income Against Judgments and Lawsuits.
Who Needs Umbrella Insurance in Minnesota?
Everybody can benefit from having umbrella coverage:
- Small business owners in MN can use umbrella insurance to protect all their valuable assets.
- Anyone who faces a high risk of legal action in their jobs, such as medical professionals, academic administrators, and construction contractors, needs this coverage.
- Families that own multiple homes.
An affluent Minnesotan may have a business and personal assets that are worth millions of dollars. Even a middle-class family may have substantial assets such as a retirement fund, a home, or a college savings account. A licensed agent can help you find out how much coverage you need to secure these things.
Do you have sufficient coverage? Not sure how much you need? Call All Things Insurance — we’ll discuss your circumstances and make sure your important assets are fully covered.
What Exactly Is Umbrella Insurance?
Umbrella insurance is a liability policy that will cover you if you’re found responsible for damage to somebody else’s property.
Did you know? If somebody is hurt on or by your property, you may be held liable and need to pay a lot of money for medical bills or lost itmes. Your primary insurance will only pay for a specific amount of loss. An umbrella policy will cover damages — above your primary policies’ limits — protecting you from a financial fiasco.
Picture this: It won’t stop the rain from falling, but it can keep you from getting soaked in a sudden downpour.
Examples of Incidents
These are a few examples of incidents that umbrella insurance may cover if your other policies aren’t enough:
-You send sandwiches to your daughter’s school for their field trip lunch. Many students get food poisoning and their parents decide to sue you.
-Your son gets into a fistfight at school and punches another boy, breaking his nose. The boy’s parents sue you.
-You cause a multi-car accident and your auto insurance (property damage coverage) isn’t enough to replace all the accident victims’ cars. Your personal liability coverage is also not high enough to cover their medical bills.
Note: These are just examples. To learn the details of the policy you plan to buy, talk to your insurance agent!
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How Much Does Umbrella Insurance Cost in Minnesota?
As with any other policy, costs will depend on the coverage amount, what the umbrella policy covers, and the risk the insurer evaluates on the policyholder. A $1,000,000 policy might cost $200-$400 per year. The important thing to remember is, if you have large assets to protect, it’s a great value.
Before You Get an Umbrella Policy
When it comes to insurance, everyone has unique needs. Before you make a decision, it’s essential to review your current home and auto policies to see if there are any gaps in coverage. We’d be happy to go over your current coverage, assess your needs, and compare Minnesota umbrella insurance quotes from many companies.
Contact an agent to get started finding the right policy for your needs!