Minnesotans with substantial assets may want to consider getting some extra insurance. Typical auto and home policies provide some protection, but may not provide enough coverage for all of your existing assets. You can get that additional liability coverage with a Minnesota umbrella insurance policy.
Every Minnesotan has unique insurance needs. Before you consider getting extra liability insurance, it is important to evaluate both your current auto and home policies to determine if there are any gaps in your coverage. A local Trusted Choice® member agent will be happy to go over your current coverage, analyze your needs, and compare Minnesota umbrella insurance quotes from a variety of different companies. Contact an independent agent today to get started finding the right coverage for your needs.
- 25% of consumers purchase umbrella insurance.
- An umbrella insurance policy picks up where your auto and home policies stop.
- Umbrella insurance increases your liability protection and can fill in coverage gaps left by your current policies.
- An umbrella policy provides excess liability coverage, so if you exceed your home or auto policy liability coverage, you won’t be exposed financially.
An actual umbrella cannot stop the rain, but it can help stop you from being soaked by an unexpected downpour. Likewise, umbrella insurance coverage broadens your current MN liability insurance to protect you from financial disaster.
How Does Extra Liability Insurance Work?
Consider some examples of the way a Minnesota umbrella insurance policy might work. Keep in mind that these are only examples, and you need to talk to your agent to learn the specifics of any policy you plan to purchase.
- Current Minnesota car insurance laws only require resident drivers to purchase $10,000 in property damage protection on their autos.
- Umbrella insurance will cover damages over that $10,000 up to the policy limits, which are typically in the millions of dollars ($1 or $2 million limits are common on umbrella policies).
- Lawsuits are becoming very common these days. You could be sued if your dog bites your neighbor, and the cost of legal fees and court expenses could quickly exceed your homeowners coverage. Your Minnesota umbrella insurance policy will come in handy in situations like this, filling in any liability gaps that might otherwise come out of your pocket.
A Minnesota umbrella insurance policy will provide extra liability insurance over your auto or home liability policy limits. These policies might be purchased with limits of a few hundred thousand to a few million dollars. Your independent insurance agent can help you determine your needs and understand specific policies.
Who Needs Minnesota Umbrella Insurance?
If you are sued for damages to a property or car, your insurance should cover you up to the policy limits, but only if the type of damage is covered. For damages over-and-above your policy limits, you’ll have to come up with cash out of your pocket. Many people who buy Minnesota umbrella insurance want to protect their assets or future income against judgments and lawsuits.
A wealthier Minnesotan may have millions worth of 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. A professional agent can help you figure out how much coverage you need to secure your assets.
How Much Does Minnesota Umbrella Insurance Cost?
As with any other type of policy, costs will depend upon the amount of coverage, what the policy covers, and the risk the insurance company assesses on the insured person. A million dollar policy may cost two to four hundred dollars a year. If you have substantial assets to protect, this could be a good value.
Compare Minnesota Umbrella Insurance Quotes
You will only get the best value for your premium dollars if you analyze your needs and shop around for the right insurer. Captive agents can only give you Minnesota umbrella insurance quotes and plans from one company. Your independent Trusted Choice network agent can help you analyze your current policies, figure out what sort of coverage you need, and compare rate quotes from competing insurers.
To provide your family with extra security at a fair price, contact a local Trusted Choice network agent today.