If a policyholder is sued for damage to property or a car, their insurance should cover costs up to the policy limits, but only if the type of damage is covered. For damage over and above the policy limits, they'll have to come up with the cash out of pocket. Many people who buy umbrella insurance in Minnesota want to protect their assets or future income against judgments and lawsuits.
A wealthier Minnesotan may have millions of dollars in business and personal assets. Even a middle class Minnesota family may have built up substantial assets like a home, retirement fund, or college savings account. It is important for them to consider how much coverage is needed to secure their assets.