Umbrella Insurance in Minnesota

The insurance industry is based on risk management and risk prediction, but you can't predict everything. Sometimes events happen, and even the best-laid plans couldn't have prepared you for that. At F.I.R.E Leaders Financial, serving Eagan, MN, and the surrounding areas, we want to help residents in Minnesota make competent insurance and financial choices. Keep reading to learn more about umbrella insurance.

What Is Umbrella Coverage?

Umbrella coverage is a specially designed insurance product intended to help you pay for expenses that another insurance policy won't pay for. If you have a claim event that exhausts an insurance policy, any costs remaining would be your responsibility. This can put you in a vulnerable financial situation. An umbrella policy could help.

How Does Umbrella Coverage Work?

If you file a claim on another policy, the policy will pay out qualifying expenses up to a specific amount. The policy is said to be exhausted if your costs exceed that amount. The remaining costs are then your responsibility. However, the umbrella policy can help you pay the remaining fees if you have umbrella coverage.

Who Needs This Type of Coverage?

This type of coverage can be beneficial to anyone. Still, it is highly recommended for individuals with large amounts of assets or involved in high-risk jobs or occupations. It's also recommended for people who run businesses or are engaged in activities that put them at high risk for liability. To better understand umbrella insurance, you should sit down with an insurance specialist to discuss your coverage needs.

If you want to learn more about umbrella insurance or any other insurance services, please get in touch with us at F.I.R.E. Leaders Financial, serving Eagan, MN, and the surrounding areas.