Posted on January 21, 2010.
How to buy an insurance liability policy? The owners who insure their homes and cars with the same insurance company can often buy an umbrella policy that covers everything outside their homes and vehicles.
Although I do not own a house, I substantial financial assets (stocks and bonds) that I want to protect. If possible, I want to avoid tenant insurance because I do not have much value stored at home. What is the best way for me to protect my financial assets against lawsuits that are not car accidents?
I want the insurance company to provide good counsel in case I'm hit by a lawsuit frivolous, such as sexual harassment and discrimination that my profession does not expose me to prosecution for medical malpractice.
What are my options and how do I choose?
A policy of liability policy has a requirement of "underlying limit". For owners, it is generally $ 300,000. This means that you must have personal responsibility (which is on a policy of renters or homeowners policy) with limits of at least $ 300,000 before the Policy Framework into action.
The policy of tenants at a price of $ 150 per year, give or take. You'll have to buy a policy for personal liability, which should run you around $ 250 per year for $ 1,000,000.
The truth is, even if you do not own your home, you live somewhere, and you have the risk of liability even to live in an apartment as you live in a house. If a friend trips on your rug and breaks a leg, he can still sue you! Your dog can still bite you, and you can always hit someone driving a golf cart to the club!
You can find a company willing to write the policy without the policy underlying the tenants, however, it is likely defense costs within limits and a deductible of $ 500,000 (the limit behind which you choose to decline) so you have to show them that you paid the first half mil before starting to pay anything. This was thanks to a carrier inadmitted in your state, and probably run you $ 750 per year. Cheaper to do in the other direction.
Hello, my name is Eunice Saunders and I am an insurance agent. You must have underlying "insurance to buy the policy framework. First, get a policy of small tenants say 20k or less with at least 300K of personal liability coverage, then you will qualify for the policy framework. The policy of tenants is very cheap ... maybe 50-60 dollars per year and it will give you additional coverage you need more to protect your assets as well. Good luck! Eunice
Some trials have indicated that you (harrassment / discrimination)
could not be covered by an umbrella, personal, you may need a professional liability policy - contact agent for more details and specifications
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