Do You Have Proper Personal Insurance?

Whatever goals you have for the new year, insurance can be an important financial necessity that ultimately helps you achieve them. But sometimes, it’s hard to know where to start. How do you know if you have proper insurance?

We’ve put together a friendly list of questions to help you determine whether you need to review or update your current personal insurance policies. There are 5 key areas within personal insurance that this checklist will be evaluating:

Auto:

Every driver needs liability and property protection in case you experience an accident. Auto Insurance covers 2 main vehicle-related risks – (1) The risk of you damaging someone’s vehicle or property and/or causing injury to them and (2) The risk of others damaging your vehicle and/or causing harm to you.

Home:

Every homeowner’s policy describes a melting pot of various coverages to address and protect the actual property, liabilities while living on the property, and financial help in case a covered event damages or forces you out of your home.

Investment Properties:

This insurance provides property and liability coverage to those who lease a second home or a portion of their personal home. You have the same risks of homeownership with the added risk of tenants. This means your policy requires both a personal and business approach.

Life:

Life Insurance is a contract between you (policyholder) and an insurance company. The policyholder pays the insurance company premiums (or payments) during their lifetime in exchange for a guarantee that the insurance company will give a sum of money upon death (known as a “death benefit”) to named beneficiaries.

Extra Liability:

Frequently referred to as Umbrella Insurance, this is liability coverage for claims that surpass personal policy limits. It can provide an overflow of coverage for homeowner, auto, renters, watercraft, and other personal policies. It’s favored for offering broader coverage that your primary policies may not cover.