Showing posts with label insurance. Show all posts
Showing posts with label insurance. Show all posts

Insurance you should know about

Most people are familiar with auto insurance or home insurance.  Here are some others you should think about adding depending on your life situation.

Liability Umbrella

You can add this insurance for added liability coverage for just about everything in your life.  I have an umbrella policy that adds Two Million Dollars of liability above and beyond my car and home owner's insurance.  This would cover my family should someone sue me for more than my current coverage.  Consider this type of insurance if you have substantial assets.  The insurance costs between $150-$300.  Why do you need it?  Maybe your dog attacks a neighbor.  Someone gets in a car accident after leaving a party at your house.  A friend gets hurt on your boat.

Life Insurance

Should you die, your estate would receive the money to help cover your bills.  This is a lump sum payment to you heirs that can help clear up debt and help them pay your final bills.  If your estate is large, you may or may not need life insurance.  The older you get the more the life insurance costs, so make sure you have the right balance.

Renter's Insurance

Similar to house insurance, renters insurance covers loss if you are renting a house or apartment.  It can also cover living expenses if you are forced to move from your apartments.

Long Term Care

Earlier this year, I learned that I had long term care insurance through my employer.  I decided to continue to play for this coverage into retirement.  Long Term Care insurance helps with the cost of nursing home care, in home care or other types of care.  This type of insurance can help you protect your assets should you need this type of care.  This type of insurance can be expensive and goes up as you age, so you'll need to way the cost / benefit analysis.

Long Term Disability

If you get sick or injured and can't work, long term disability insurance covers covers about 60% of you pay until you are able to return to work or turn 65. If your retired and are living off a pension or social security, this wouldn't apply to you. This is why it ends at age 65 when medicare kicks in. The policy's are based on salary not bonus or commission, so this could make your payment even less.

Talk to you insurance agent to see how he might help answer your questions.

Review your homeowner's insurance

 Make sure you go through and annual review of your home owner's insurance.  I also like to get three other quotes at the same time to make sure that I'm getting a competitive price for my insurance.  Here are some circumstances that may affect the cost of your insurance.

You Inherited Jewelry, Coins or other Valuable Items

Over the past year did you inherit anything of value that should be ensured.  Most home owner policies have limits on what's covered so you may need to add a rider for the additional items.

Did you make renovations or build and addition to you house

The main cost of your home owner's insurance is the cost to replace your house should you suffer a catastrophic loss.  Make sure that new addition is covered.

Consider a liability umbrella rider added to your homeowners

An additional liability umbrella policy can be added to your homeowners to help you cover liability on other real estate, cars, boats, etc.  Get the added coverage you might need.

Building code coverage

Sometimes building codes change and are updated to help fortify houses for natural disasters.  Think about what you should do to bring you house up to code.

Flood insurance

Most home owner policy's don't cover flood insurance.  Depending on where you live, you may want to consider a flood insurance, hurricane insurance or tornado insurance.

Downsizing to an Apartment or Condominium

Make sure you adjust you insurance for any downsizing in your life.

Talk to your insurance agent!

Best to talk with an insurance agent to make sure you are adequately insured based on your current circumstances.

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