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inGearX 3.1415 9265 join:2000-06-11 New York	inGearX Member 2015-Apr-30 12:03 pm $25 to go to 1 mil in liability? shpuld I? I have a renters insurance I pay about $160 per year .. and necessary coverage men dated by condo management.. now I have $300k in liability my agent advised me that if I pay $25 more - liability will go up to $1 mil what do you think? what are the chances? thank you ..
	· actions · 2015-Apr-30 12:03 pm ·
garys_2k Premium Member join:2004-05-07 Farmington, MI	garys_2k Premium Member 2015-Apr-30 12:31 pm I think the magnitude of a lawsuit against you will be determined by the amount of coverage you have. If you have a $300K policy you'll be sued for $300K. If you have a $1M policy you'll be sued for $1M.
	· actions · 2015-Apr-30 12:31 pm ·
Dodge Premium Member join:2002-11-27	Dodge to inGearX Premium Member 2015-Apr-30 12:31 pm to inGearX That's a kind of question that will only make sense to you. Do you have people over a lot, do you have a common area in your condo that you are somehow responsible for, does 25 bucks make any difference to you, those are the kinds of questions you should be thinking about.
	· actions · 2015-Apr-30 12:31 pm ·
tschmidt MVM join:2000-11-12 Milford, NH ·Consolidated Com.. ·Hollis Hosting ·FirstLight Fiber ·Republic Wireless	tschmidt to inGearX MVM 2015-Apr-30 12:32 pm to inGearX I don't know if renters insurance works the same way but we have an Umbrella policy in addition to our homeowners policy that covers homeowner and automobile liability up to $1 million. Basically it kicks in if the liability limits on the other policies are exceeded. A lot depends on your tolerance of risk and what if any assets you are trying to protect. /tom
	· actions · 2015-Apr-30 12:32 pm ·
Mr Matt join:2008-01-29 Eustis, FL	Mr Matt to inGearX Member 2015-Apr-30 12:51 pm to inGearX said by inGearX: my agent advised me that if I pay $25 more - liability will go up to $1 mil The rule of thumb is that your liability insurance should exceed your net worth. If a parasitic lawyer wants to prosecute a case against you they will find all of your assets and then sue for that amount. If your insurance exceeds your assets they will try and collect the entire value of liability coverage or more if the plaintiff's lawyer thinks they demand more. The advantage of larger liability coverage is that the insurance company will defend themselves/you against larger excessive claims.
	· actions · 2015-Apr-30 12:51 pm ·
fluffybunny @cipherkey.com	fluffybunny to inGearX Anon 2015-Apr-30 2:01 pm to inGearX rule of thumb is you are the umbrella. basically for my clients it works like this : they get $50million primary insurance, they get $50 million umbrella insurance and the rest they are the umbrella. So if they get sued for $150 million and lose, the first insurer pays $50 mil, the umbrella insurer pays $50 mil and they pay the remainder $50 mil. in your case you have no umbrella policy. you get sued, its $300k+ your assets and wage garnishing to cover the rest. so i would go for the 1 mil. $25 is not much.
	· actions · 2015-Apr-30 2:01 pm ·
Termites @cox.net	Termites to inGearX Anon 2015-Apr-30 2:45 pm to inGearX said by inGearX: I have a renters insurance I pay about $160 per year .. and necessary coverage men dated by condo management.. now I have $300k in liability my agent advised me that if I pay $25 more - liability will go up to $1 mil what do you think? what are the chances? thank you .. Well worth the $25....
	· actions · 2015-Apr-30 2:45 pm ·
Termites	Termites to garys_2k Anon 2015-Apr-30 2:47 pm to garys_2k said by garys_2k: I think the magnitude of a lawsuit against you will be determined by the amount of coverage you have. If you have a $300K policy you'll be sued for $300K. If you have a $1M policy you'll be sued for $1M. Not unless you go telling people your Financial business is yours and yours only. so you're incorrect.
	· actions · 2015-Apr-30 2:47 pm ·

nonymous (banned) join:2003-09-08 Glendale, AZ	nonymous (banned) Member 2015-Apr-30 4:14 pm said by Termites : said by garys_2k: I think the magnitude of a lawsuit against you will be determined by the amount of coverage you have. If you have a $300K policy you'll be sued for $300K. If you have a $1M policy you'll be sued for $1M. Not unless you go telling people your Financial business is yours and yours only. so you're incorrect. Don't lawyers find out everything as they get a large cut.
	· actions · 2015-Apr-30 4:14 pm ·
fluffybunny @teksavvy.com	fluffybunny Anon 2015-Apr-30 6:07 pm 33% but usually all this (the policy/coverage) is disclosed during discovery after filing but before commencing actual legal proceedings. once disclosed damage awards may be amended.
	· actions · 2015-Apr-30 6:07 pm ·
garys_2k Premium Member join:2004-05-07 Farmington, MI	garys_2k to Termites Premium Member 2015-Apr-30 6:28 pm to Termites said by Termites : Not unless you go telling people your Financial business is yours and yours only. so you're incorrect. The policy amount comes out in the disclosure phase. So "telling people" is required by law.
	· actions · 2015-Apr-30 6:28 pm ·
mustbejokin @optonline.net	mustbejokin to inGearX Anon 2015-Apr-30 7:11 pm to inGearX shpuld you, no, what a rip off... $160 a year 300k $25/year 700k more.... Na your getting screwed. they are just trying to milk you for that extra $25 a year... What are the chances? I'd say 100% that you will get 1m coverage for an extra $25.
	· actions · 2015-Apr-30 7:11 pm ·
tcope Premium Member join:2003-05-07 Sandy, UT	tcope to garys_2k Premium Member 2015-Apr-30 8:26 pm to garys_2k said by garys_2k: I think the magnitude of a lawsuit against you will be determined by the amount of coverage you have. If you have a $300K policy you'll be sued for $300K. If you have a $1M policy you'll be sued for $1M. This is pretty much correct (I'd say it's true 99.9999999999% of the time). To the OP, you are _NOT_paying for liability coverage to cover other people. You are paying to cover yourself. Pretty much no attorney would go after you personally unless you have something that they can easily and quickly take away. Perhaps an expensive second home, a yacht, etc. $300,000 is almost always going to be enough to make an attorney go away.
	· actions · 2015-Apr-30 8:26 pm ·
TheMG Premium Member join:2007-09-04 Canada MikroTik RB450G Cisco DPC3008 Cisco SPA112 2 edits	TheMG to inGearX Premium Member 2015-Apr-30 9:03 pm to inGearX What sorts of things could a tenant be held liable for anyways? Most of the usual things would be covered under the landlord's insurance since the landlord is usually responsible for things like grounds maintenance (slip and fall hazards for instance). Causing a flood or fire... damages to building would be covered by landlord's insurance and damage to other tenant's property would be covered by their own tenant's insurance policy. I suppose you could be sued and lose if it could be proven that the fire/flood was caused by the tenant due to negligence, but really, what are the chances of that? I'd think pretty low. I've never heard of a tenant being sued for such damages, even in cases where it was in fact due to obvious negligence (improper disposal of cigarette butts causing fire is a common one). Not saying it doesn't happen, but it seems to be quite rare. Worth the $25? Your call. My personal opinion? No. I got renter's insurance not for the liability aspect but to cover my personal property in the even of theft/fire/flood or otherwise. Probably higher chance of being struck by lightning than being sued and losing as a tenant. Oh wait, I almost forgot, this is the very litigious USA we're talking about. Yes, definitely get the $1mil liability. In fact, you should find out how much the entire condo building is worth and exceed it tenfold in liability coverage, just in case a fire starts in your unit and the whole building burns to the ground and all the occupants die in the process and you get sued for it and lose.
	· actions · 2015-Apr-30 9:03 pm ·
tcope Premium Member join:2003-05-07 Sandy, UT	tcope Premium Member 2015-Apr-30 9:37 pm said by TheMG: What sorts of things could a tenant be held liable for anyways? Burning down the home he is living in. Dropping a bowling ball on someone's foot, etc. The list goes on and on. said by TheMG: Causing a flood or fire... damages to building would be covered by landlord's insurance and damage to other tenant's property would be covered by their own tenant's insurance policy. This does not negate the OP's liability in the matter. The owners insurance company might pay the claim but then they would go after the OP for what they paid. said by TheMG: I suppose you could be sued and lose if it could be proven that the fire/flood was caused by the tenant due to negligence, but really, what are the chances of that? I'd think pretty low. It happens _all of the time_. Cook some wings on the stove and walk away for a few minutes. Next thing you know the oil catches on fire and the place burns. It's not the fire that causes most of the damage, it's the water from the fire dept. said by TheMG: I've never heard of a tenant being sued for such damages, even in cases where it was in fact due to obvious negligence (improper disposal of cigarette butts causing fire is a common one). I, as a claims adjuster, hear about it all of the time. It's not unusual.
	· actions · 2015-Apr-30 9:37 pm ·
Corehhi join:2002-01-28 Bluffton, SC	Corehhi to nonymous Member 2015-Apr-30 11:07 pm to nonymous said by nonymous: said by Termites : said by garys_2k: I think the magnitude of a lawsuit against you will be determined by the amount of coverage you have. If you have a $300K policy you'll be sued for $300K. If you have a $1M policy you'll be sued for $1M. Not unless you go telling people your Financial business is yours and yours only. so you're incorrect. Don't lawyers find out everything as they get a large cut. Yes, lawyers are whores. They get paid to F' people.
	· actions · 2015-Apr-30 11:07 pm ·
tcope Premium Member join:2003-05-07 Sandy, UT	tcope Premium Member 2015-May-1 12:11 am said by Corehhi: Yes, lawyers are whores. They get paid to F' people. Well... they look to collect from people's insurance at least. I find it funny that everyone hates ambulance chasing lawyers... until they get "injured" and then they seem to forgot how "evil" they are.
	· actions · 2015-May-1 12:11 am ·
Jackorama I Am Woman Premium Member join:2008-05-23 Kingston, ON ·Start	Jackorama to inGearX Premium Member 2015-May-1 1:43 am to inGearX $160 a year is good, our renters insurance is $294 a year with 1 mil in liability and we got the cheapest package -- the Bronze package. We move into a condo May1st, today. But, I really think they get you with things you don't really need so they can jack the price up. I'll have to read what is actually covered when I get it in the mail. Then again, we paid $206 this year with where we are/were. We also have been claim free with the same insurance company for about 15 years we usually have a discount for that.
	· actions · 2015-May-1 1:43 am ·
garys_2k Premium Member join:2004-05-07 Farmington, MI	garys_2k to inGearX Premium Member 2015-May-1 9:41 am to inGearX What's the total value of the building you're living in (not including the land, but consider replacement of the structure and depreciated value of the contents)? That should be the cap on the insurance you get. If the building and contents are $250K then you'd be absolutely fine with the $300K policy.
	· actions · 2015-May-1 9:41 am ·
Corehhi join:2002-01-28 Bluffton, SC	Corehhi to tcope Member 2015-May-1 10:51 am to tcope said by tcope: said by Corehhi: Yes, lawyers are whores. They get paid to F' people. Well... they look to collect from people's insurance at least. I find it funny that everyone hates ambulance chasing lawyers... until they get "injured" and then they seem to forgot how "evil" they are. I'll pimp a whore if I have to. Never have had to but ?????
	· actions · 2015-May-1 10:51 am ·
Termites @cox.net	Termites to garys_2k Anon 2015-May-1 1:47 pm to garys_2k said by garys_2k: said by Termites : Not unless you go telling people your Financial business is yours and yours only. so you're incorrect. The policy amount comes out in the disclosure phase. So "telling people" is required by law. That's Debatable..I guess telling people what you make is the law to ?LOL
	· actions · 2015-May-1 1:47 pm ·
garys_2k Premium Member join:2004-05-07 Farmington, MI	garys_2k Premium Member 2015-May-1 6:12 pm said by Termites : That's Debatable..I guess telling people what you make is the law to ?LOL No, it's not debatable at all. The Court would order you to provide lists of any and all assets and insurance policies that may help pay for the damages being claimed against you. If you are caught lying that's perjury and jail.
	· actions · 2015-May-1 6:12 pm ·
tcope Premium Member join:2003-05-07 Sandy, UT	tcope to Termites Premium Member 2015-May-1 8:11 pm to Termites As mentioned, the limits of your insurance policy is almost always discoverable in court. Once a judgement is obtained your assets can usually be discoverable as well (but I think only after a judgement is obtained). No information about insurance can be given to jury though.
	· actions · 2015-May-1 8:11 pm ·
garys_2k Premium Member join:2004-05-07 Farmington, MI	garys_2k Premium Member 2015-May-1 10:27 pm True, as soon as the plaintiff hears what the policy limits are then they know how much to go after.
	· actions · 2015-May-1 10:27 pm ·
joewho Premium Member join:2004-08-20 Dundee, IL 2 edits	joewho to inGearX Premium Member 2015-May-2 3:18 pm to inGearX Personally, I think renters insurance should only be used to cover your physical assets. Anything beyond that is scare tactics. Looks like the O.P. works an honest job and pays honest money. I was a Realtor in another life. It's all a scam. Screw that extra 25 and lower the 300,000 to 150,000. #1 the "odds" are in your favor. #2, if you don't have it they can't take it. Atty's don't tell a court what to do. A Judge decides what's going to happen. It's all based on fear or intimidation. Edit: Here's one someone will pick up on and make a bunch of money: Attorney insurance. Insurance to pay a lawyer. If anyone here creates an industry on that idea, I'd appreciate a slice for the idea. Like that's going to happen.
	· actions · 2015-May-2 3:18 pm ·
hortnut Huh? join:2005-09-25 PDX Metro	hortnut Member 2015-May-2 6:27 pm said by joewho: Edit: Here's one someone will pick up on and make a bunch of money: Attorney insurance. Insurance to pay a lawyer. If anyone here creates an industry on that idea, I'd appreciate a slice for the idea. Like that's going to happen. . Something like that is already being done. There is a company offering to advance a claimant their settlement. ""Get Cash TODAY, while you wait for your auto / car accident lawsuit to settle, with consumer legal funding from Oasis!" »www.oasislegal.com/case_ ··· _funding
	· actions · 2015-May-2 6:27 pm ·
ncbill Premium Member join:2007-01-23 Winston Salem, NC	ncbill to Mr Matt Premium Member 2015-May-4 11:58 am to Mr Matt said by Mr Matt: The advantage of larger liability coverage is that the insurance company will defend themselves/you against larger excessive claims. Well...years ago I worked for a business that was involved in a "slip-n-fall" case where the plaintiff was left a paraplegic. The insurance company assigned a wet-behind-the-ears associate who wanted to simply pay out the insurance limit & leave the company hanging for the rest (8 figure claim). Sadly, couldn't reach a settlement, so the company spent the next several years fighting the suit until it was decided in their favor.
	· actions · 2015-May-4 11:58 am ·
TheSMJ join:2009-08-19 Farmington, MI	TheSMJ to inGearX Member 2015-May-4 2:15 pm to inGearX While I was in my early 20s an individual attempted to sue me in civil court. The whole case was dropped the moment the plaintiff's attorney discovered that I was living in my parents home, barely making above minimum wage, and uninsured. Lawyers only take cases that will pay out. Even the most vicious lawyer know that you can't squeeze blood from a stone.
	· actions · 2015-May-4 2:15 pm ·
inGearX 3.1415 9265 join:2000-06-11 New York	inGearX Member 2015-Jun-27 3:17 am thanks everyone good info said by TheSMJ: While I was in my early 20s an individual attempted to sue me in civil court. The whole case was dropped the moment the plaintiff's attorney discovered that I was living in my parents home, barely making above minimum wage, and uninsured. Lawyers only take cases that will pay out. Even the most vicious lawyer know that you can't squeeze blood from a stone. good point ..
	· actions · 2015-Jun-27 3:17 am ·
Grumpy4 Premium Member join:2001-07-28 NW CT	Grumpy4 to inGearX Premium Member 2015-Jun-27 8:53 am to inGearX $0.07 per day per year for an extra $700K coverage I suppose the question is, can you afford it?
	· actions · 2015-Jun-27 8:53 am ·

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