What's the average jury award for injury cases in US courts? $985,675. What does this mean? It means that even if you opt for the highest available liability limits on your home and auto policies (usually $500,000) you may still lose everything you own over an accident where you are considered to be at fault. The answer: the umbrella policy. It's ridiculously inexpensive for the coverage it provides. Adding a MILLION dollars of liability to your coverage can cost well under $200 a year. Can you afford not to have this?
I'll say it again -- if you're agent hasn't tried to sell you more liability then you may have the wrong agent!
Objections:
I'll say it again -- if you're agent hasn't tried to sell you more liability then you may have the wrong agent!
Objections:
- "I'm careful." -- That's good. Lawyers are careful too. They will be careful to find a way to make you seem at fault even if you're pretty sure you weren't. And they will find every asset that you have. Careful is not enough. Everyone make mistakes, everyone gets sun in their eyes, spills their coffee, or sometimes changes lanes without looking. Even careful drivers cause accidents. And when someone falls down the steps at your house it won't matter how careful you were.
- "I can't afford it." -- See above ... can you afford not to have it? Here's a secret: Raising your liability limits results in LOWER premiums in the long run. Companies fight for responsible customers. And they all think those who carry higher liability limits are better risks and they reward them with better rates.
- "It won't happen to me." -- I hope that's true. I especially hope it's true if you don't have enough liability coverage.
- "I don't like to think about these things" -- Well, no one does. And no one likes the way things work in our society, but we have to deal with how things are. And prepare for them.
- "My dog doesn't bite" -- Ever? Dog bite claims can be HUGE. And nobody expects them to happen.
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