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Old 10-10-2016, 11:47 AM   #18
BandB
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City: Fort Lauderdale. Florida, USA
Join Date: Jan 2014
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One reason that many liability policies have what seems to be relatively low maximums such as $500,000 or even $1 million is that most people insuring expensive items also have an umbrella policy. If you don't have one, I'd strongly advise looking at them. They cover things for which you already have insurance, but amounts beyond those of the other policies. Someone might have $500k of liability on their boat, $300k auto, $200k home, but then have a $5 million umbrella. Because the odds of it coming into play are so slim, it's not as expensive as you might think. However, it protects you against the potential enormous claim.
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