How do you know? How do you know that the liability coverage you took because your agent said it is plenty really is plenty? YOU DO NOT neither do I. There are some silly sayings out there “rule of thumb” , “it’s what most people take” , “You don’t need more” REALLY?
When you hear this please hand your agent a dollar and ask them to buy you a lotto ticket. Because they can apparently predict the future. Most agents cannot predict the future, I am one of them. Instead I try and make some logical decisions and use your dollars to purchase as much coverage as we can. An example;
Many people seem to think the liability limit of $100,000 per person $300,000 per occurrence is plenty. Well it may be. It might be more than enough and you may never find out. Good for you. BUT before you take that limit ask what a combined limit of $300,000 , $500,000 or even $1,000,000 costs. Maybe you even ask what an umbrella policy costs. See insurance companies also know that there are not that money large payouts so the cost to take on more coverage may be about the same as a Venti, skim Pumpkin Latte with an extra shot($5.75) per month. So for the price of a strong, tasty beverage you can add a couple hundred thousand in coverage. Not a bad deal.
Just a thought, use at your discretion.