A Strong Legal Defense Begins With Adequate Insurance Coverage

Huntsville personal injury attorneys

How much insurance is enough? In today’s world, one might say you can never have enough insurance coverage. Whether it be homeowner’s, automobile, boat, motorcycle, business, life, health, professional malpractice or any other type of insurance, carrying the maximum amount of coverage can save your financial well being in the case of an accident or an unforeseeable problem arising. But realistically, we can’t all carry the maximum, “Cadillac”, insurance policies as they can be incredibly expensive and well beyond most of our financial means. Buying insurance has to be one of the least favorite tasks we have to do, and yet, it could be the most important decision we make for our financial futures.

In the case of automobile liability insurance coverage, which only pays the other party in the accident or claim against you, it’s a good rule of thumb to be covered for an amount equal to the overall value of your personal assets. This is because if you are deemed to be at fault in an accident, and the amount of the victim’s damages are more than your coverage limits, you will be personally liable to pay the remainder owed. If your coverage is equal to $50,000 and the victim’s damages are $100,000, a judgment will be obtained for $50,000, which could be collected from you by seizing your assets, such as your home, car, cash, or other valuables. Obviously, such a situation would financially decimate most Americans.

Protect Your Loved Ones With Adequate Insurance Coverage

Other important considerations are homeowner’s insurance or premises liability insurance for your business. If someone falls in your home or business, and you are liable for their injuries, having adequate coverage can save a great amount of financial hardship for you or your business. Equally important is having adequate coverage if you are a rental property owner. Although homeowner’s policies commonly come with minimum coverage for others’ bodily injury of $100,000, it is a good rule of thumb to carry as much as $500,000 for the injuries to others who visit your home as a guest or trespassers who venture onto your property and get hurt on some foreseeable risk in your yard or curtilage. Believe it or not, trespassers can also recover for damage from your homeowner’s policy if they are hurt on some condition which should have been made safe, such as proper fencing around a pool.

These suggestions are made from the perspective that we, as Huntsville car wreck attorneys, have with regard to defending one’s self in the case of a lawsuit. Obviously, cost is a major consideration when purchasing insurance coverage and it is impossible for most consumers to afford full coverage. The best practice is to known what your budget is, know what your assets total, and devote as much of your finances as possible to insuring yourself against unforeseen accidents.

Our Huntsville personal injury attorneys at Morris, King & Hodge, P.C., represent injured victims. We know from experience that most individuals are not covered for the event of an accident. Unfortunately, most of us merely purchase the bare minimum of insurance coverage in order to cut costs and comply with legal requirements for carrying insurance. Contact us today for a consultation or for more information about adequately protecting yourself from liability in the case of an accident.

Harvey B. Morris is a lifelong Alabamian who has been practicing law in Huntsville since getting his law degree and passing the state bar in 1966.