Liability Protection
Most people are underinsured. That means the amount of coverage in their policies is far less than what they need. The consequences can mean total loss of your assets.
Liability insurance is the portion of a homeowner's or auto policy that pays for expenses such as the injured person's medical bills, rehabilitative therapy, and lost wages due to the negligence of the at fault person in a legal proceeding.
The liability portion of an insurance policy also covers a legal defense representative if the negligence would happen to land the at fault person in the court room. After totaling all the medical expenses, wage loss and related expenses and pain and suffering of the injured person, the average coverage in a standard homeowner's or auto policy is far from sufficient to cover the damages.
Almost every state has financial responsibility laws that hold persons accountable who are found liable for damages caused by their negligence. Penalties for not carrying liability insurance include the suspension of driving privileges and personal accountability for all damages incurred. If the at fault driver has insufficient insurance converage, personal assets from the at fault driver could be seized to satisfy any judgment. Similar laws are also in effect for home and watercraft owners.
As an example, if you carry the most common limits of liability coverage of $100,000 to $300,000 and have more than a combined total of $100,000 of equity in your home and in savings, then you are at risk of losing everything. In this example, you have insured yourself for $100,000 to cover damages to each person that is injured in an accident that was caused by your negligence. If the judgment is for more than $100,000, you are financially responsible for the remaining amount. The $300,000 figure represents the "per occurance" portion of your policy. This is the total amount that all individuals injured in a single accident can recover from this policy. You pay the rest.
An umbrella policy would provide a minimum of $1 million dollars coverage over and above your policy limits for each auto covered and for claims arising from negligence in your home. One yearly premium of an average of $200 covers all vehicles and your home for a minimum of $1 million dollars each. See below information.
Our firm will provide quotes for "A" rated companies to determine that you are paying the lowest rate and that you have adequate liability protection. Our firm will work to ensure your interests are protected and your personal liability is limited. For more information about liability protection and quotes, please call us toll-free at (866)729-2454 or email.
Umbrella Insurance
A personal liability umbrella insurance policy will give you added liability protection without a significant increase in cost for an average cost of only $200 per year. This premium adds protection for each covered vehicle and your principal residence.
Umbrella insurance provides additional liability protection above and beyond the limits on homeowner's, auto, and watercraft personal insurance policies. With an umbrella policy, depending on the insurance company, you can add an additional $1-5 million dollars in liability protection. This protection is designed to "kick-in" when the liability on other current policies has been exhausted.
Tuohy Law Offices will provide you with quotes for "A" rated companies to determine that you are paying the lowest rate for your umbrella policy. Our firm will work to ensure your interests are protected and your personal liability is limited. For more information about umbrella insurance or quotes, please call us toll-free at (866)729-2454 or email us at email.