{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Dispelling Umbrella Insurance Myths

Dispelling Umbrella Insurance Myths - Its easy to tell...

Info icon This preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Dispelling Umbrella Insurance Myths It’s easy to tell yourself that you’ll probably never need to purchase extra liability insurance. After all, your chances of being hit with a multimillion-dollar lawsuit may be fairly slim. And besides, wouldn’t the liability coverage on your standard homeowners and auto insurance policies be enough to protect you against a claim or a lawsuit? Before you make such an assumption — and underestimate the importance of having enough liability protection — consider that between 2001 and 2007, the average jury award for all liability cases increased by almost 62%. 1 If you had liability coverage, how much did it increase during this period? Unfortunately, there are a number of misconceptions about umbrella liability insurance that could cause you to be underinsured. “My other policies should provide enough coverage.” Standard auto and homeowners insurance policies typically offer between $300,000 and $500,000 in liability coverage. If you’re ever found liable for an amount
Image of page 1
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern