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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: