The Importance of Personal Liability Insurance

posted on 06 Mar 2012 16:36 by insuranceoptions directory Knowledge

The Importance of Personal Liability Insurance

Liability insurance and personal umbrella insurance is also referred to as the products they use another tactic our goods. Because we live in a litigious society, we believe it is a good strategy to have an insurance policy that can withstand the failure of financial crimes.

What is personal liability insurance.

Own your home and auto insurance policies to cover liability in their contracts. If you are found negligent in the circumstances to avoid injury to the responsibility to pay for things like medical expenses, lost wages, rehabilitation, personal, etc..

However, the amount of coverage is relatively low and can be quickly depending on the severity of the injury of others.

Protection from personal liability umbrella insurance policy will cover only the responsibility of other policies are not enough. It gives you the resources and increased security.

How about an example of this policy is important?

Suppose that Bill hurt in a car accident, Anne. Because of the severity of injuries, Anne is disabled and unable to return to work. Her medical expenses, $ 50,000.

Good news and bad news good: Bill has a policy of automobile liability coverage of $ 50,000 of bad news: Do you think that Anne and her lawyer, only to go after the $ 50.000?

I do not remember ...

He was able to work and provide for his family. You may not have the money for his retirement. He continued his medical bills to pay because of his disability. Together with the financial difficulties that come with emotional distress.
So, if you consider the wages of his death 20 years of health care, retirement and preservation of the person who is examining the possibility of millions of dollars. If the project does not have liability insurance for his personal assets are exposed.

So what is the meaning, though. They can go after the home, car, boat, your bank accounts, 401k, property ownership, etc. under the name of any risk.

But there is no need to be a "body" to participate in the risk of injury. If someone is injured in your home and you will be responsible for damage to property at risk if you do not have adequate coverage.

This article is not intended to scare you. It was not intended to invoke fear. We invite you to take preventive measures. We want to inspire to do to protect your assets. I put on a seatbelt in a car for an extra layer of protection.

My wife and I have an umbrella policy that provides $ 5 million of excess coverage above the houses and our cars. We will pay $ 531 a year for politics. As you can see the premium is relatively low.