Are You Liable?

You know that loose step by the entrance way on your home?  How much would it cost to fix?  How much could it cost you if someone trips and falls because of it?  Probably $75 to fix it, and possibly more than $100,000 if someone sues you and wins.

As the title of this article states, “Are you Liable,” that is for attorneys to decide.  But, when you don’t have adequate insurance liability coverage, and you are found “at fault,” you may be personally liable to pay the enormous claim because of your negligence.

You don’t have to own a home to have personal liability coverage.  If you rent an apartment, condo, or single family home, you are eligible to purchase “renters” insurance.  This typically covers your personal contents.  But more importantly, you can be covered for up to $500,000 of personal liability coverage.  This coverage is more affordable than you think!

Many of my clients already know I can provide personal, auto, home, and commercial lines of insurance from many of the major insurers. Last year I took on this licensing so that I could ensure my clients had appropriate amounts of insurance to cover their assets.  As insurance is the “Stop Loss” that ultimately protects a financial plan, I didn’t want to leave this critical part of the plan to an outside agency if I could help my client directly.

Next time we meet up, I would like to review your fire and casualty insurance policies.  I’ll help you interpret the insurance jargon, explain your coverage, and make sure you are adequately covered.  Maybe we’ll even be able to drop your premium!