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Virtue posted:Not if you have a shitload of liquid assets in excess of the balance exposed to a lawsuit. That’s most likely good to be for a bodily injury liability claim not property damage
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May 3, 2024 12:51
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DangerZoneDelux posted:That’s most likely good to be for a bodily injury liability claim not property damage Nah, the insurance company, if their insured isn't at fault, will absolutely try to recover any money they pay out, regardless if it's for injury or property damage. They have whole departments dedicated to this.
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May 3, 2024 14:03
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PD is cheap, the difference between a 100k and 250k limit is often just a few dollars over the policy period
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May 3, 2024 15:11
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I Don't work in claims any longer, but I still work in the property and casualty insurance industry and we have a 500,000 combined single limit for our auto policy, a similar limit on our homeowner's policy, and an umbrella policy over the top of that just because I know how quickly poo poo adds up these days with claims.
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May 3, 2024 16:17
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The thing about a 2m umbrella policy (or 1m to a lesser extent/amount) is that realistically it makes you functionally immune to most lawsuits up to 5-10 million or so. I got a judgment that was way over 2m but I guarantee my lawyer would have essentially forced me to agree to a 2m payout (I probably would have agreed without being forced anyway). Maybe even less like 1.2 or 1.5. And then in most states (some? all?) if the claimant agrees to settle within policy limits but the insurance company won’t do it, they’re on the hook for any excess judgment, not you.
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May 3, 2024 16:30
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