A Policy Limit is the maximum your insurance company will pay out. Are you well protected?
(Scenario – My client is “at fault” for an automobile accident.)


My client called in yesterday and told me he received a letter from our claims departments. The key points of the letter are listed below:


. This letter serves as notification that a lawsuit has been filed against my client.
. Monetary demands of the claimant exceed my client’s policy limits.
. Client is encouraged to get additional legal counsel to protect his interests in excess of the policy limits.
. The claimant demand letter is seeking $200 Joe Flacco Hoodie ,000 in bodily injury liability damages.
. My client’s automobile insurance policy has a $100,000 limit.


Well, it doesn’t take a mathematician to figure this problem out. My client may be on the hook for an additional $100,000. Ouch! Did I tell you my client is retired and 67 years old?


An automobile insurance policy in Dallas, Texas may have the minimum liability coverage of $30 John Elway Hoodie ,000 for bodily injury. That is woefully inadequate. How much liability coverage do you have?


Many clients ask me, “How much coverage is enough?” I generally respond, “I’m no oracle. I can’t predict the future.” So in the absence of future knowledge, here a few good tips to hopefully prevent this situation from happening to you:


1. Purchase as high of a limit as you can. Don’t assume that a higher limit of liability will cost you a fortune. Just because you double your limit does NOT mean that you are doubling your premium. It doesn’t work like that. In fact, you’ll probably see that your premium increases only slightly. Ask the agent to quote several limits so you can see for yourself. I guarantee any premium increase will be minimal!


2. If you have a lot to protect (such as real estate) Justin Simmons Shirt , give serious thought to buying a personal umbrella. The most typical policies provide an additional $1 million in liability for both your auto insurance and home insurance. In this example, the auto policy would pay out its maximum $100,000, and then the umbrella would pay the difference. The cost for an umbrella averages around $250 a year.


Make your auto and home insurance work for you. Check your policy and make sure you have at least 250,000 on bodily injury. Remember Jake Butt Shirt , accidents can happen to anyone.


Your thoughts? Tell me about your experiences.


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