A standard insurance policy may not provide you with comprehensive coverage especially in cases of additional liabilities that are not included in the policy. Umbrella coverage goes beyond the limits of auto, watercraft, and home insurance to offer you an extra layer of security if you get sued for damaging another person's property. Pierce Insurance provides all the residents of Minnesota with excellent umbrella coverage to get an extra layer of protection in events of liabilities against them.
The basic liability coverage under the standard insurance policy includes property damage and bodily injury insurance. The liability coverage will help you pay for medical bills, repair, and replacement of damaged property. Each policy is different; therefore, liability can be protected under one type of policy and not covered under another. Umbrella insurance is there when the damage you cause to someone else is severe and your underlying policy limit is not enough to fully cover the bill.
You might be thinking that you do not require an umbrella policy since you already have home, auto, or watercraft insurance. Consider a scenario where you are sued for getting into an auto accident and hurting (or even worse) a family in the other car and the court awards them a high settlement that exceeds the liability limits under your automobile coverage. Imagine what could happen to your assets when you have to pay this out of your pocket. Think of the struggle you would go through to pick up the tab if you are liable for a car crash that leads to injuries and damages to another individual's property.
Umbrella insurance in Minnesota comes with lower premiums than other policies, but it offers you enough protection on top of additional liability coverage. Contact Pierce Agency, Inc. for more information regarding umbrella insurance. Our agents can help get you a quote and answer your questions to understand the importance of an Umbrella policy.