How Insurance Helps Protect Your Assets
Our assets are exposed to risks every day. Our homes, our cars, jewelery, and even our lives. Insurance helps protect your personal assets from costly damages in the event of unforseen circumstances. Having a risk management plan for your personal assets as well as business, if you own one is crucial for your peace of mind and financial stability. Without one you could very well end up in a sticky financial situation that may even put you into further debt. Here’s how it works. Policyholders transfer the risk of financial losses to an insurance company in exchange for the payment of a premium. Some example of asset protection through insurance are:
Health Insurance
Auto Insurance
Life Insurance
Commercial Insurance
Pet Insurance
Jewelery Insurance
Homeowner’s Insurance
Flood Insurance
This being said it’s important to know what each policy you hold will actually cover. Most policies come with limitations, deductibles, and exclusions. For example, most homeowner’s insurance will cover fires, theft and most natural disasters but that may be limited to exclude earthquakes or floods. Aside from this, here are some other ways to make sure your protecting your assets properly with insurance policies.
Don’t skimp on coverage where it matters: If your home is a valuable asset opt in for the better insurance plan.
Regularly review and update: We can help you with this. We’ll regularly shop for the best rates Make sure to increase coverage if your assets increase.
Supplement your existing policies: For example, you may need added flood protection if you live in a high risk flood zone becuase some homeowner’s policies won’t cover it.
Insurance is a substantial way to protect your assets but it’s easy to fall into the misconceptions that some policies cover everything in the event of a loss. Using an agent can help you understand what is and what isn’t covered under your policies. Contact us today so we can help you understand your policies thoroughly.