Getting the right coverage as life changes
When it comes to insurance, having the right amount of liability coverage is vital.
Why is liability coverage so important?
Liability coverage is all about helping protect you and your assets in the event of a liability claim. That's why auto, homeowners and even renters policies all include liability coverage. Think about it: You don't have to be a millionaire to be sued like one.
How does auto liability coverage work?
Auto liability insurance helps pay for the other party's vehicle or property repairs, medical bills, lost income and pain and suffering if you're at fault in a car accident. It can also help pay your legal fees if the other party files a lawsuit against you.
How does an umbrella policy work?
A personal umbrella policy (PUP) offers extra liability coverage beyond the limits of your homeowners, auto or renters insurance. After you reach the limits of these policies, umbrella insurance kicks in so you don't have to pay for additional damages out of pocket.
Changes in your life can lead to changes in your coverage needs.
If any of these sound like you, take a moment and review your policy to help make sure you have the coverage you need.
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Life Changes
Whether you experience small or big changes in your life, reviewing your policy as changes occur or at least yearly can help you keep up.
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New Business
Starting a new business? From claims to lawsuits, help protect what you've worked hard for.
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A Recent Move
Moving to a new home is a great time to review your liability coverage to help make sure you have the coverage you need.
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A New Pet
Getting a new pet could change your liability coverage needs. In addition, a new pet can come with other costs and needs.
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A New Driver
Is your kid at or nearing the driving age? This could affect the amount of coverage you need.
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New Rental Property
Becoming a landlord has its pros and cons and can change your protection needs.
Take advantage of discounts with USAA Perks®.
Get discounts on car maintenance, travel, home solutions, online shopping, health and wellness, entertainment and more.
Review your policies and beneficiaries.
From home to health, see where you might need to adjust your insurance coverage.
Life Insurance, Investing and Retirement
Life insurance, investing and retirement are vital pieces of your overall financial security. Stay on top of things by making sure your policy information is accurate and beneficiaries are up to date.
Homeowners or Renters Insurance
Homeowners and renters insurance can help get your life back on track if something happens to your home or personal possessions. Review your policy at least every year to adjust for changes in your life.
Valuable Personal Property Insurance
Valuable Personal Property (VPP) provides extra coverage for items like jewelry, smartwatches, guns, cameras, musical instruments and more. A VPP policy could provide more protection for these items than a typical homeowners or renters insurance policy, and without a deductible.
Auto Insurance
Any changes like marriage, moving or adding a new driver could affect your auto rate. Review your polices to make sure you're properly covered and ensure all policy information is up to date and accurate.
Health Insurance
Whether it's open enrollment or you experience a qualified life event, you should review your health insurance needs accordingly. You'll also want to compare insurance rates, especially if you or your spouse is a military member with government-sponsored health care. This could help you save money.
Estate Planning
It's important to discuss your plans and wishes with your loved ones. You'll want to update your beneficiaries and estate documents in the event of any changes.
How to get the right coverage FAQ
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The benefits of liability coverage
Video transcript: The benefits of liability coverage
Video duration: 1 minute, 13 seconds
Transcript date: April 28, 2022
The benefits of liability coverage: Elapsed time 5 seconds [00:05]
You don't have to be a millionaire to be sued like one. And while you may not be a millionaire, your liability insurance needs could add up to more than you might expect. At USAA we understand your coverage needs can change over time, which is why we recommend you review them at least annually.
Auto liability coverage helps protect you financially if you're at fault in an accident.
Prepare for the unexpected: Elapsed time 27 seconds [00:27]
Say you're in a traffic accident and responsible for damaging multiple cars and injuring several people. If their medical bills and vehicle damages exceed the limits on your policy, could you afford to pay the difference?
Protect your financial health: Elapsed time 37 seconds [00:37]
You may have to sell assets, dip into your savings, or even have your paychecks garnished, until you have paid what you owe. The general rule of thumb is to carry enough liability coverage to protect your assets such as owned property, savings, or investments, as well as your future earnings potential. However, each person's situation is unique.
Start now: Elapsed time 51 seconds [00:51]
Securing protection for the future is just one of the many ways USAA is here to help you become financially prepared. When it comes to liability coverage, it costs only pennies on the dollar compared to the protection it provides.