This week’s show is entitled, “Protecting Yourself and Your Assets Against Life’s Unexpected Events”
In my weekly Financial Tip, Tool, or Technique segment of the show I mentioned that, as we all know, life is full of bumpy roads. The unexpected events of life happen a little more often than most people would hope for. Some of those unexpected events can wipe out an estate, if you’re not properly covered with insurance.
I then reviewed 4 different types of insurance that most people should not leave home without:
1) Auto Insurance – Auto insurance is not ONLY essential, but also required by law, in most states. Optional coverage, in addition to standard liability, include uninsured motorist coverage, which protects you if the other driver in an accident does NOT have insurance. Some policies even offer discounts for having an alarm system or driving an eco-safe vehicle.
2) Homeowners Insurance – According to the FBI, most home robberies take place during the months of July and August, when people are away on vacation. Homeowners insurance is ONE way to protect yourself against theft and damages, so make sure your current policy covers these four major areas: your dwelling, other structures like a detached garage, personal property, and loss of use that may occur during repairs. Another means of protection is a home security system, which may also REDUCE the cost of your homeowner’s premium. And if you’re a renter, be sure to purchase rental insurance to insure all of your personal property.
3) Disaster Insurance – If you live in an area that could be hit by severe weather or natural disasters, we HIGHLY recommend you cover yourself against those events. Floods, hurricanes and earthquakes have ALL been in the news recently. To be fully covered, each of these natural disasters requires an additional property/casualty insurance policy. Contact your agent to learn more above the coverage and cost of each.
4) Umbrella Insurance – This liability coverage protects you above and beyond the standard limits of your auto and homeowners policy. Umbrella policies offer additional coverage of $1 to $5 million dollars. This is GREAT protection and peace of mind, if you’re ever sued because of an auto accident or someone becomes injured on your property.
Insurance exists to PROTECT you against life’s unexpected events. Of course, there is obviously no way of knowing WHEN you will need it. But by planning ahead and purchasing one or all 4 of these insurance policies, you will have peace of mind in knowing that you’re WELL protected against a few of life’s unexpected surprises!
- Matt
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