Anyone who drives a vehicle, owns a home or business should consider the ways in which that property comes under threat from litigation. Insurance companies have devised affordable ways to carry millions of dollars of liability protection. Owners are wise to acknowledge that our litigious society places personal property at risk of loss through frivolous lawsuits.
Insurers require auto and homeowner policyholders to carry significant quantities of liability insurance on each policy. Higher limits of liability coverage are necessary for anyone who:
- Allows other drivers to borrow his car
- Hosts large gatherings at his home
- Drives in carpools that include children or adults
- Owns a house, multiple residences or rentals
- Has teen drivers on the auto policy
- Owns a swimming pool or trampoline
Accidents involving multiple people can result in liability payments that exceed $1 million. Carrying umbrella liability insurance coverage protects the property owner from a lifetime of financial hardship or loss of property to pay medical bills.
Increases in the coverage amount might be required as the policyholder’s financial situation improves over the years. Additional properties would indicate the need for more coverage.
For more information about umbrella liability insurance coverage in Washington, contact Humble & Davenport Insurance, today!