Why Umbrella Insurance - and When You Need Extra Coverage
The truth is life has no guarantees, there is always an amount of risk involved. Standard insurance is
not designed to cover those catastrophic events or large claims, and this is where umbrella insurance
comes in.
What is Umbrella Insurance?
Umbrella insurance is an extra layer of protection that extends beyond the limits of your current policies. In
Minnesota, an umbrella policy can help
ensure the protection of your assets and save you money in the long run while giving you peace of mind. Umbrella insurance is a form of an liability insurance policy that can be attached to your
standard Home, Auto, or other Liability coverage. It goes into effect when the liability limits of your
primary policies are used up, covering you from financial ruin resulting from lawsuits, property damage, or other claims.
How It Works
For example, if you cause a huge car accident in Minnesota or Iowa and the damages are over the liability
coverage limits on your auto policy. You would have to pay out of pocket for the rest as you lacked
any umbrella insurance. As a result, you need an umbrella policy to give you some extra space so that
if there is a catastrophic claim, you are not financially wiped out.
What It Covers
Property Damage Liability: for the other persons' damage costs.
Legal Fees: The expense of defense if you get sued.
Additional Scenarios: Protection for specific liabilities that are excluded from standard policies, including libel, slander, or defamation, but require you to check with your Agent for specific coverages.
Legal Fees: The expense of defense if you get sued.
Additional Scenarios: Protection for specific liabilities that are excluded from standard policies, including libel, slander, or defamation, but require you to check with your Agent for specific coverages.
Umbrella insurance: Who should consider it
Umbrella insurance is not just for the very wealthy, but instead anyone in need of such protection from
unknown liabilities. This can range from people in common natural disaster areas such as flooding or in Tornado Alley here in Minnesota!
Additional Coverage for Catastrophic Events
Accidents and unforeseen incidents can cause many claims! Umbrella insurance
provides an extra level of coverage in places where your standard policy limits fall short, meaning that
you remain fully protected.
Long-Term Cost Savings
While umbrella coverage does come with an added cost, the money you may pay for it is not nearly as
high as the hundreds or thousands of possible damages or more that will be asked of you without such additional protection. You could lose
your company in a single lawsuit, and who knows what may drive you to bankruptcy, so do not take risks
without this added coverage.
Learn More About our Insurance Offerings!
Get in contact with our qualified agents right away!
Mitigation Of Legal Risks
Minnesota has a rich legal environment in which high-value claims are available to parties or groups of
individuals. In the case of a serious car crash or in the event an accident occurs on your property, umbrella
coverage may help you pay for these expenses, depending on what you select as your coverage level.
Peace of Mind
This way, you can spend your days knowing that an unfortunate event is not going to lead you into
financial ruin. Not having this coverage as a business owner or a hobbyist with extensive assets (Think wood-working tools or equipment or an expensive collection of collectibles).
When You Should Think About Umbrella Insurance
Umbrella insurance can help you in the following situations:
-Have real assets (ie) property, cars, stocks.
-You have lifestyle liabilities (for example, hosting large parties, owning a swimming pool, or being into extreme sports).
-Participate in risky activities (such as boating or owning rental property)
-Live in densely populated high-liability areas, like the Twin Cities.
This benefit will indeed come at an additional cost to your insurance premium, but having this umbrella insurance coverage
-Have real assets (ie) property, cars, stocks.
-You have lifestyle liabilities (for example, hosting large parties, owning a swimming pool, or being into extreme sports).
-Participate in risky activities (such as boating or owning rental property)
-Live in densely populated high-liability areas, like the Twin Cities.
This benefit will indeed come at an additional cost to your insurance premium, but having this umbrella insurance coverage
can outweigh the losses you could have without this coverage.
Selecting Can Do Insurance for Umbrella Policies
Can Do Insurance is a trusted agent for umbrella insurers in Minnesota, providing customized choices to
the residents of the Twin Cities, MN.
Personalized Coverage Options
At Can Do Insurance, we tailor policies to cover your specific requirements. And whether you own a
home, rent, or have a business—it's going to be the plan that best fits your scenario.
Additional Coverage with Low Cost Premiums
We have competitive pricing from Can Do Insurance. The right price to make the smart choice of adding an
umbrella policy. This in turn results in minimized expenses over the long term without forsaking defensive asset coverage strategies.
Expert Local Knowledge
With that in mind, Can Do Insurance is a Twin Cities-based agency, which means they know the specific
risks for Minnesotans and can give you lifestyle-driven advice.
Long-Term Cost Savings
This is how umbrella insurance provides long-term cost benefits:
-Offers asset protection: Umbrella policies will protect your savings, retirement accounts, and other property from legal claims against you.
-Could help with lawsuit costs: Umbrella Insurance MAY help to cover costs from lawsuits. *Can Do makes no guarantee of eligibility of insurability or coverage when an incident occurs, this is between the Insurer and Insured*
-Affordable Premiums: Umbrella insurance is rather affordable compared to having to cover the costs of a lawsuit or medical bills and/or any other unexpected or unforeseen costs.
-Offers asset protection: Umbrella policies will protect your savings, retirement accounts, and other property from legal claims against you.
-Could help with lawsuit costs: Umbrella Insurance MAY help to cover costs from lawsuits. *Can Do makes no guarantee of eligibility of insurability or coverage when an incident occurs, this is between the Insurer and Insured*
-Affordable Premiums: Umbrella insurance is rather affordable compared to having to cover the costs of a lawsuit or medical bills and/or any other unexpected or unforeseen costs.
Limits on What Umbrella Insurance protects
Though umbrella insurance itself is vast, it does not insure everything. Exclusions may include but are not limited to:
-Personal property damage.
-Liabilities related to business (unless you have a business umbrella policy)
-Purposeful or intentional harm or criminality.
-Personal property damage.
-Liabilities related to business (unless you have a business umbrella policy)
-Purposeful or intentional harm or criminality.
Selecting the Best Umbrella Insurance Policy for You
Calculate Your Assets: Take the combined value of your assets and calculate the total cost of your liabilities
(all asset values added up to the best of your knowledge). This figure will help you choose how much insurance coverage to purchase for your specific asset needs.
Understand Potential Liability Risks: Assess your lifestyle, recreational activities, and real estate to expose yourself to potential risks.
Know Policy Limits: Make sure your umbrella policy fills in where your primary insurance policies fall short.
(all asset values added up to the best of your knowledge). This figure will help you choose how much insurance coverage to purchase for your specific asset needs.
Understand Potential Liability Risks: Assess your lifestyle, recreational activities, and real estate to expose yourself to potential risks.
Know Policy Limits: Make sure your umbrella policy fills in where your primary insurance policies fall short.
FAQs About Umbrella Insurance
How Expensive is Umbrella Insurance?
Fortunately, umbrella insurance is very cheap on a relative basis, in the average range of $150–$300 per year in Minnesota and Iowa for
$1 million in coverage.
Do I Need Umbrella Insurance If I Already Have Home & Auto Coverage?
You betcha! — basic policies are built to a specific limit; umbrella insurance offers added security and can pay for
more extensive claims.
Does umbrella insurance provide overseas protection?
In many cases, yes. But you will need to get into specifics with your provider, to ensure you are properly
covered overseas!
Is Libel and Slander Covered by Umbrella Insurance?
While not all umbrella policies provide coverage for personal liability cases such as libel, slander, and
defamation, some specified plans do. This will require more extensive research by our agent, but we are
happy to help!
Even if I don't have other policies, can I still get umbrella insurance?
Usually, an umbrella policy can only be taken out if you hold a required amount of your own auto or
home coverage. There may be exceptions, but please talk to our agent to find out more.
Insure yourself against the future with Can Do Insurance
Umbrella insurance is not just another policy, but a financial backstop that provides additional protection,
potential coverage for future savings, and unmatched peace of mind. No matter where you're navigating life's risks, a Can Do Insurance policy makes sure that life doesn't have
unexpected twists and turns for which you weren't prepared.
Reach out to Can Do Insurance today and learn how an umbrella policy can help protect you, your
family, and your financial assets for countless years in the future.
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◦ "You agree to indemnify, defend, and hold harmless [Can Do Insurance], its officers, directors, employees, agents, and third parties, for any losses, costs, liabilities, and expenses (including reasonable attorney's fees) relating to or arising out of your use of the website or violation of these terms and conditions."
1. Accuracy of Information
◦ "While we strive to ensure the accuracy of the information on this website, we make no guarantees or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability of the information. Any reliance you place on such information is strictly at your own risk."
2. Third-Party Links
◦ "This website may contain links to third-party websites. We have no control over the content of these sites and accept no responsibility for any loss or damage that may arise from your use of them."
3. No Professional Advice
◦ "The information provided on this website is not intended to be a substitute for professional advice. Always seek the advice of a qualified professional with any questions you may have regarding insurance products."
4. Indemnification
◦ "You agree to indemnify, defend, and hold harmless [Can Do Insurance], its officers, directors, employees, agents, and third parties, for any losses, costs, liabilities, and expenses (including reasonable attorney's fees) relating to or arising out of your use of the website or violation of these terms and conditions."
