Sufficient Auto Insurance Coverage for Homeowners

WISTV:

How can you keep a collision from becoming a financial disaster?

Consumer Reports Money Adviser Laura Washington says be aware, the state insurance requirements may leave you vulnerable. "If you own your own home, or if you have assets, they could be at risk if you're underinsured."

So what's sufficient auto insurance coverage for homeowners? For both bodily-injury and uninsured motorist coverage, you should be covered for $250,000 per person and $500,000 per accident.

Washington says, "It'll raise your premiums about ten, ten percent, but it's clearly worth it if it could, if it means saving your home."

And the Consumer Reports Money Adviser says another area where people are often underinsured is property-damage coverage. "States typically recommend between $10,000 and $25,000 worth of coverage. But we recommend $100,000 worth of coverage, just in case you hit a really expensive car.""

Posted by Angie on June 09, 2005 | 1 Comments

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