Prior to determining who can benefit from umbrella insurance, it’s crucial to understand what it is and what it offers. The best definition of umbrella insurance is excess liability coverage. At F.I.R.E. Leaders Financial in Eagan, MN, we take our responsibility to our customers seriously. We ensure they understand the scope of umbrella coverage and how it could benefit them.
In essence, anyone with assets and a liability insurance policy could benefit from umbrella insurance. For years, it was presumed that you didn’t need umbrella coverage if you weren’t wealthy. But if you’re like most people, you worked hard for what you have, and the thought of losing your hard-earned money to a lawsuit is unsettling. Considering the current litigious climate, your chances of being sued are quite high.
When you’re sued, you may need to pay legal fees, not to mention a potential judgment against you—this could run into six figures. Most people don’t have that kind of money readily available. If you own a home and have home insurance, or if you’re a renter with renters insurance, you already have a degree of liability coverage. However, basic policies might be inadequate to safeguard your assets effectively. This is where umbrella insurance comes in, providing an additional layer of liability protection above your current coverage. This typically starts from a million dollars upwards. In essence, it offers you peace of mind by ensuring you don’t lose your assets due to a lawsuit.
If you live in Eagan, MN, or the surrounding region, you can rely on F.I.R.E. Leaders Financial for all your insurance needs. Call our office today to learn more about the benefits of umbrella insurance.
