Umbrella insurance offers additional protection on top of your regular homeowner’s or auto insurance plan. Ideal if you’re at an above average risk for lawsuits or high medical costs, an umbrella policy helps you pay less or nothing if you’re involved in an extremely expensive accident.
Learn more about how an umbrella insurance policy benefits you and your family by contacting Pizano Insurance, a reputable business that assists Wayzata, MN and surrounding areas.
Umbrella Insurance Coverage
Umbrella coverage pays if you’re found liable for damages or have to pay for legal defense for a lawsuit—even if you’re not at fault. Once your basic liability coverage is exhausted, the umbrella policy pays the rest up to the limit of your coverage.
Importance of Umbrella Insurance
If you’re sued, your house, car, bank accounts, and future income may be at risk to pay the costs. Protect your most important assets with additional coverage to avoid financial ruin.
How to Choose Coverage Limits
Consider your risks as a renter or a homeowner. If you own a pool or trampoline and your kids’ friends are injured during a birthday party or other event, you could be sued for their medical expenses.
Also, consider the worth of your assets. The greater your assets, the higher your coverage limits should be in order to protect everything you’ve worked to accumulate.
Your future income needs to come into consideration, too. Even if you don’t have many assets, your future earnings are at risk, so your limits should be high enough to prevent having to give away your earnings for months or years.
If you live near the Wayzata, MN area, find out exactly how an umbrella insurance policy reduces your personal liability by getting in touch with a professional from Pizano Insurance who can go into detail about the specific coverage requirements that you need.