Many Minnesota residents find additional liability insurance to be essential for their homes, businesses, and automobiles due to unpredictable accidents that could occur at any moment. While the basic insurance policies will cover many such accidents, the limits of liability coverage may not be adequate. With umbrella insurance, a variety of benefits are available that will provide a thick layer of protection.
Was there an accident with your automobile that seriously hurt or killed someone? If so, your current policy may not be sufficient. An umbrella insurance policy provides the ability to step in and provide extra coverage.
If you are exposed to one of these lawsuits, and you are unable to pay the costs with your insurance policy, you may be forced to sell off your assets to cover the difference. This can include everything from your home to personal property, retirement accounts, future income, etc. With an umbrella policy, your assets are more secure because this coverage will help compensate for the financial difference.
The beauty of an umbrella insurance policy is the ability to customize it to include the coverage you want and need. A good practice when deciding how much you need is to add the total amounts of your current assets, savings accounts, and future income and subtract your existing liability coverage for the difference. You will need a minimum of that difference in umbrella insurance coverage, with the ability to add more.
If you find that your liability coverage is lower than your assets, then you need an umbrella policy today. Proudly serving Minnesota residents, call or visit one of our agents at Landahl Insurance Agency today to be quoted for your umbrella insurance policy.
