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You might think million-dollar insurance settlements and jury verdicts are
common. They are not.
Your odds of being on either end (payer or payee) of a million-dollar suit are
less than your odds of winning the big prize in the Texas Lottery. These long
odds are not good for lottery players. However, they are good for injury claims.
You do not want to sue or be sued for a million-dollar injury. Claims of this
size generally are reserved for those who suffer catastrophic injuries. Money
never can adequately compensate for these losses.
But while million-dollar injuries are rare, claims that exceed minimum levels of
insurance coverage are somewhat more common.
A million dollars in liability insurance coverage may be unnecessarily high for
most people, but it appears that most Texans are seriously underinsured.
Most automobile owners who have insurance carry only the minimum levels of
coverage required by state law. The majority of homeowners and renters are no
better protected.
These coverages are inadequate for most people.
The effect of insufficient insurance protection can be devastating. Because
marginally higher coverage is so affordable, it is unwise to run even the modest
risk associated with having only a minimum amount.
We recommend at least these levels of insurance coverage for all automobile
owners:
Personal Injury Liability - $100,000 per person / $300,000 per accident
Property Damage Liability - $50,000
Personal Injury Protection - $10,000
Uninsured Motorist - $100,000 per person / $300,000 per accident
Underinsured Motorist - $100,000 per person / $300,000 per accident
Homeowners and renters should have liability protection of at least $100,000 per
person / $300,000 per accident.
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