Do You Need Excess Liability Insurance?
In a perfect world, our regular homeowners or auto insurance coverage would protect us from all liability. Our coverage would shield us from unexpected incidents and truly safeguard our assets and lifestyle as long as we met our payment deadlines. Unfortunately, there has been a rise in claims that are not covered under your primary liability limit. These claims involve scenarios that occur in everyday life – not a one-off incident or freak accident.
For example, one claim involved a man being attacked by his neighbor’s three dogs while he was taking his trash out. The dogs had escaped through an open gate, and the attack resulted in the man sustaining multiple leg lacerations and a lower back injury. A court in Florida awarded $7.7 million in its judgment against the dog owners.
In New York, a court awarded $8.9 Million to a heating and cooling service technician who fell through the floor of an attic after completing his work. The technician fell nearly 20 feet and sustained injuries to his back, hand, foot, ribs, shoulder and wrist.
These situations are not shared to scare you, or to pressure you into increasing your coverage. Penny Insurance agents seek to educate our clients on the possible risks even if your home and auto is fully insured. In these scenarios, adequate liability limits can help protect you for unforeseeable circumstances and prevent a liability judgment against you. In our modern world, excess liability insurance is become more prevalent and necessary to protect your lifestyle, your assets and your family.
If you are interested in learning more, please contact your Penny Insurance agent today!