Frank Raney, State Farm Insurance

The Rotary Club of SaddleBrooke enjoyed a presentation on the subject of Personal Liability Insurance given by one of its own members, Frank Raney.  Frank is a long time Tucson, Arizona resident and is with State Farm Insurance.  His formal education includes a chemical engineering degree from the University of Illinois at Urbana-Champaign and an MBA in Business Administration from Indiana Wesleyan University.  He has previously worked for Improved Wellness Inc. and Navistar.

Within typical insurance policies such as auto, homeowners, or boat, there is personal liability insurance.  There are two reasons to carry personal liability insurance: (1) the state of Arizona requires it, and (2) to protect yourself.  Legalities of personal liability claims and compensation are regulated by each state, and Frank spoke about Arizona.  The protection includes your property, your assets, and your family.  One claim could put you and your financial situation at great risk.  Frank gave examples of incidents that resulted in liability claims that included automobile accidents and mishaps on one's property.  His advice was to assess all assets in finances and real property and determine the personal liability coverage that is provided by existing insurance.  An umbrella policy can give the coverage to make up the difference.

A factor in this insurance coverage that might easily be overlooked is that if you are providing financial assistance to a family member, such as a child of any age, you are liable for their actions.  They do not need to be living with you. 

Frank gave an interesting and straightforward presentation of this subject.  With his experience, he kept his examples and explanations clear for his fellow Rotary Club members.