You know what will happen the second you lower that coverage... bam a $2m judgement...
That aside, the amount of assets you need to protect aren't what should drive your coverage since the coverage is for an amount of liability. With $1m in coverage you would need a $2.4m judgement to be wiped out, with $2m in coverage you would need a $3.4m judgement to be wiped out - how likely is that $3.4m judgment vs. the $2.4m and is that likelihood wroth $450/yr to you depends on your own circumstances and risk preferences.
That aside, the amount of assets you need to protect aren't what should drive your coverage since the coverage is for an amount of liability. With $1m in coverage you would need a $2.4m judgement to be wiped out, with $2m in coverage you would need a $3.4m judgement to be wiped out - how likely is that $3.4m judgment vs. the $2.4m and is that likelihood wroth $450/yr to you depends on your own circumstances and risk preferences.
Statistics: Posted by avalpert1 — Mon May 13, 2024 4:42 pm — Replies 4 — Views 83