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Insurance Stinks Until You Need It!

Yep another installment. This week I talked to a couple of clients that wished to lower their liability limits. Liability is a tough call because you never have too much and having too little can be a disaster.

This is the story I told them. I had a client have an accident where there were several people in the other car. We had just bumped up their liability limits and felt relatively confident in that amount. Well it became touch and go as the medical bills reached $600,000 for the people in the car. We were fortunate in getting the claim settled for just under their liability limit of $1,000,000. Remember we had just raised the limit. The good news was that no one lost their house over a liability claim.

Adjusters get a bad reputation and sometimes it is earned but this claim was handled very well. The client was protected and the company never moved away from their responsibility. Most all of the time in a clear liability claim, the adjusters work very hard for the client with their sole goal to settle the claim, but I digress. This is about having enough coverage so the adjuster can do their job, which is get the claim settled.

We hope you never need to use your insurance but if you do you will find that the premiums you pay will never match the amount the insurer pays for you. Signing off from Ted Hamm Insurance

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