Should I raise my liability insurance limit to $1 million if it doesn't cost that much more?
I currently have 100/300/100 liability insurance. When I started to shop around, I found that I could increase this to $1 million/$1 million/$500,000 for about $10 a month extra. Is this worth it?
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Answered on Apr 28, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
“A general rule of liability coverage is that you should get as much as you can afford. Since you’ve already shopped around, you can see that you can get far more coverage for only a few extra dollars per month.
If you can realistically afford it, there isn’t any real downside to raising your limits. You’ll have peace of mind, and you won’t have to worry about legal costs or paying out of pocket.”
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