If you want to protect your home and property beyond the limits of your homeowners and personal liability insurance, you may need umbrella insurance. This coverage takes over where your regular insurance leaves off. In order to qualify for umbrella insurance, you’ll need to maintain your basic coverage. However, depending on how it’s written, your umbrella policy can reimburse you for covered events. Talk to the team at F.I.R.E Leaders Financial in Eegan, MN to discuss your specific needs.
What Is Umbrella Insurance?
Umbrella insurance can cover your home, auto, boat, or other property in the case of extensive damage. If you file a claim larger than your home insurance limit, for example, you may have to pay the remainder out of pocket. However, that may not be the case if you have umbrella insurance.
If you’re in a profession that’s prone to libel and slander lawsuits, you might want to look into specialized umbrella coverage. Additionally, if you want extensive coverage for your rental property, buying umbrella insurance may meet your needs.
How Umbrella Insurance Works
If your dog attacks your neighbor, your umbrella policy might kick in if the medical bills, pain and suffering, and lost wages awarded exceed your home insurance coverage. Let’s say your son takes cupcakes to a school function and several students get sick. If their parents decide to sue, depending on how your coverage is written, umbrella insurance could save the day.
In some cases, umbrella insurance can protect your home-based business or cover damages that exceed your existing insurance policies.
Find Out if You Need Umbrella Insurance
F.I.R.E Leaders Financial in Eegan, MN provides the expertise needed to ensure you have the best coverage available for your needs. If you would like us to review your existing auto, home, or other insurance, we would be happy to do so. We can also point out considerations that will help you make the right decision when it comes to umbrella insurance. Contact our team today to make an appointment.
