Let'sgoflying!
Touchdown! Greaser!
So they always say 'insure to protect your assets'. More importantly, you should chose your limits to keep in line with the value of your assets.
The only way I have found this to be useful advice was when I had no assets and no future earnings planned! Ie, I didn't need insurance at all.
So if you have for example, $100,000 of assets to protect, how much liability insurance do you need, $100,000? $200,000? $500,000? $1,000,000?
Seems like the question begets other questions such as, 'how often do plaintiff's attorneys pursue amounts beyond what is available from the insurance payout?'
If the courts can award all the insurance money AND attach your personal assets, is there any point to insurance at all?
The only way I have found this to be useful advice was when I had no assets and no future earnings planned! Ie, I didn't need insurance at all.
So if you have for example, $100,000 of assets to protect, how much liability insurance do you need, $100,000? $200,000? $500,000? $1,000,000?
Seems like the question begets other questions such as, 'how often do plaintiff's attorneys pursue amounts beyond what is available from the insurance payout?'
If the courts can award all the insurance money AND attach your personal assets, is there any point to insurance at all?