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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Tradelite who wrote (49912)	3/9/2006 10:09:27 PM
From: GraceZ	Respond to of 306849

Maybe you need to talk to an insurance lawyer instead of someone underwriting or selling insurance. As Elroy pointed out to you, the lawyer who defends you (by law, the insurance company has to defend you) in a suit represents primarily the insurance company's interests. They might settle with a plaintiff for an amount higher than your liability limits which would make you personally responsible for anything over that amount . Frankly, I think insurance should be used to cover yourself for the very low probability high cost event and you self insure for the high probability low cost events which are bound to happen. This is the way to get the best bang for your insurance premium dollars. In other words, do the opposite of what most people do. They get insurance that will pay out on little stuff that happens all the time and it is a dollar swap. Then they under insure for the big stuff, leaving themselves vulnerable to a catastrophe that will wipe out all their assets. I used to live next door to an insurance company lawyer and I used to run my policies by her to see what various portions covered what and where the pitfalls were to certain types of coverage. I figured she was a good judge of what I needed since all she did all day long was offer people settlement checks.