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Old 04-17-2012, 11:21 AM
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insurancegoddess insurancegoddess is offline
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Join Date: Apr 2007
Location: Mesa, AZ
Originally Posted by MarylandMark View Post
USAA says:

Liability Liability coverage in the event you are held legally responsible in a personal liability claim. This coverage helps pay for remaining costs after the liability limits of your auto, homeowners or watercraft insurance have been reached.

When choosing this coverage you should consider the value of your home, rental property, savings, investments and future earnings potential. A claim that exceeds your liability coverage limits can put these and other assets at risk.

Example: A family member is driving down the road and loses control of their car causing an accident involving four cars and an 18-wheeler. The total medical costs of the injured persons exceed the $300,000/$500,000 Bodily Injury Liability Limit of your auto insurance, and the repair costs of the damaged vehicles exceed the $100,000 Property Damage Liability Limit of your auto insurance. We'll pay up to your selected Umbrella coverage limit to help cover the costs that exceed your auto insurance liability limits.

The biggest mistake with insurance I see people make if they cover how much they think all of their stuff is worth to replace. They have a $100K boat and want to make sure that is covered if they were in a boating accident, which if I were in an accident that would be the last thing I would be thinking about.
Umbrella policies extend the underlying LIABILITY limits (not the property coverage)..... So I hope people don't start valuing what their "stuff" is worth to determine the liability limits that are considered adequate....
Stacy Shute (Hanlon)

The NO LIMITS Insurance Agency
866-728-9757 ext 101
Wake Zone Marine Insurance Brokerage, Inc. - CA License 0H05075
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