"Do I have enough insurance?"
"I want the same as most others get."
"You just give me the amount you think is enough."
We hear these words in our office quite a bit. They are kind of scary, if you think about it: it is the buyer asking someone else to decide how much coverage they should purchase. Asking someone to provide a coverage limit that may or may not meet their needs.
It means that the person buying the insurance has no idea how much insurance they should buy, which means they have no idea how much a claim can end up costing.
"I never thought a claim would cost so much."
We hear that after almost every claim. And, unfortunately, with a tone of fear and anger when someone doesn't have enough coverage to pay all of the damages.
The staff at Shelton Insurance is more than happy to take the time to meet with you to discuss your options for purchasing insurance. We have worked very hard to make our office environment a warm and friendly place. We understand how bad things can be during a claim, and will work hard to provide the products and limits that best fit your individual needs.
So, how much is enough? That question can only be answered by you, and not by any insurance agent anywhere. Ask yourself the question, "just how much mayhem can me or my family create?" Think about how much it would cost to pay for someone else's hospital stay, and to provide for their families during their rehab and recuperation.
The old school of thought on insurance is that you need to buy insurance limits that best reflect the things you own or what you have saved. So, if you have free assets of $100,000, then a limit of liability coverage really does not need to be any more than $100,000. My personal thought on this matter is that this is flawed thinking.
Whether with our insurance agency in West Virginia or your current insurance provider, I would strongly suggest that everyone take the time to review your current coverage and limits, explain the special things in your life that make you different from your neighbor. Ask for options for higher limits of coverage, and make sure to ask about the availability and pricing of umbrella liability coverage.