Liability Insurance Claims

[Geoff Bishop]

Has anyone Benefited from carrying liability insurance? What real-world claims have people made, and gotten paid for, or how has your liability insurance (/homeowners insurance /landlord insurance) actually helped you? 

Also, if you make a claim, do they jack up your rates?  Thanks.

[Jim Shepard]

Liability insurance is there to protect your ASSets! I live in Madison County, IL which is where the majority of frivilous lawsuits are filed due to liberal citizens. Tobacco lawsuits, asbestos lawsuits are settled here. In between working on those cases the attorneys have to have something to work on to generate income. I just had a slip and fall st a commercial property and the insurance company gave 5 grand to go away.
I also own property in Collier County, Florida which is also known for its lawsuits. If you have assets to lose, get liabilty insurance and a large umbrella property just in case. If you never get to use your insurance consider yourself lucky!