Most people insure their house, cars, and belongings. But there’s another asset that deserves protection: everything you’ve worked years to accumulate. A serious accident can potentially result in a liability claim far larger than many families expect.
Imagine causing an auto accident that seriously injures several people. Or someone suffers a significant injury on your property. Maybe your dog bites someone, or a family member accidentally causes damage to another person’s property. Your home or auto liability insurance may respond to a covered claim—but only up to the applicable limits of your policy. Once those limits are exhausted, you could potentially be responsible for amounts above them.
That’s why liability limits deserve more attention than simply choosing the lowest amount necessary to get a policy issued. It’s also why we often recommend discussing a personal umbrella policy. An umbrella can provide an additional layer of liability protection above qualifying home and auto policies. Depending on the policy, $1 million or more of additional protection may be available for a relatively reasonable premium.
If you’ve accumulated savings, investments, rental property, home equity, or other assets or you simply haven’t reviewed your liability limits in several years it’s worth having the conversation. Don’t wait until after a serious accident to find out how much liability insurance you actually have. Give our office a call and we’ll review your home and auto liability limits and discuss whether an umbrella policy makes sense for your situation.
Stay Tuned For Other Great Reads In This Month’s Newsletter
- Your College Student Has $10,000+ of Stuff. Is Any of It Insured?
- Your College Student Calls at 11:30 PM: “Dad, My Car Won’t Start.”
Connect with us Oklahoma Insurance Group