Everyone is more than busy these days. However, it's a good idea to stop and re-assess your insurance coverage on a regular basis. That’s because coverage may very well need to be updated or changed to accommodate any life changes to fully protect you, your loved ones and your property.
Consider this — if you aren't covered properly, the cost of a claim may come out of YOUR POCKET. That's why DIY, online insurance sites may seem to save you money. But in actuality can COST YOU MORE in claims... A LOT more... if you don't have high enough limits.
In 1984, while he was a captain in the U.S. Army, Charles Cohan purchased an automobile insurance policy from USAA with a $100,000 per-person liability limit. He kept the same coverage limits through 2011. He married Lisa Cohan in 1995 and added her to the auto policy as an “operator,” but never increased the liability limit.
In 2002, the Cohans purchased land and built a new home. They purchased homeowner's insurance with liability coverage in the amount of $1 million per occurrence but did not purchase an umbrella policy.
Lisa Cohan, while driving a Cohan vehicle, collided with another vehicle, killing the driver. A wrongful death suit was brought against the Cohans. The insurance company defended the action on Lisa's behalf. The matter settled for $300,000 but the insurance company paid only the policy limits of $100,000. The Cohans were responsible for paying the remainder of the settlement amount — $200,000!
Got questions about policy limits?
Don't be penny wise and pound foolish. Know your limits. Protect yourself, your loved ones, and your assets. Contact Connecticut Insurance Exchange at 860 666-5443 or firstname.lastname@example.org for more information. We're always here to help!