Your standard insurance coverage may not be enough to cover certain losses; that is when a personal umbrella insurance policy makes sense. These policies provide an extra layer of security, with coverage above and beyond what your auto insurance, boat and marine insurance, ATV insurance, homeowners insurance, or any other asset protection may provide. Personal umbrella insurance works to protect against various losses, such as when a guest or visitor becomes seriously injured on your property or in an accident in which you were found to be at fault, whether it’s by car, boat, RV, or any other motorized vehicle.
When another party suffers an injury, your standard insurance policy may not be adequate to cover the cost of the damages, including medical bills, lost wages, pain and suffering, etc. These policies pay out only to set limits. When the cost of damages exceeds these limits, your personal umbrella insurance will suddenly become the most valuable document you find in your files.
Many people feel more secure with the added protection of a personal umbrella insurance policy. These policies vary in what they provide, and selecting the right policy is important. A lawsuit filed after an injury accident may result in damages far higher than your standard insurance can cover. Your personal assets may then be at risk – including your future wages or home.
Your personal umbrella policy protects you and your family against potential financial losses. We invite you to speak with one of our local agents at Minnesota Employers Insurance Services in Maplewood, Minnesota, to find out more. We can help you select a personal umbrella policy that will protect your assets, including your home, personal property, and income, should a serious claim be filed against you or anyone in your household in the future.