Covering Your Assets
IN THIS CHAPTER
Checking out homeowner’s/renter’s insurance
Considering automobile insurance
Understanding umbrella (excess liability) insurance
Ensuring your estate is handled as you want
In Chapter 16, I discuss the importance of protecting your future income from disability, death, or large, unexpected medical expenses. But you also have to insure major assets that you’ve acquired: your home, your car, and your personal property. You need to protect these assets for two reasons:
- Your assets are valuable. If you were to suffer a loss, replacing the assets with money out of your own pocket could be a financial catastrophe.
- A lawsuit can drain your finances. Should someone be injured or killed in your home or because of your car, a lawsuit could be financially devastating.
In this chapter, I explain why, how, and for how much to insure your home, personal property, and vehicle. I also discuss excess liability insurance and how to determine where your money will go in the event of your death.
Insuring Your Home
When you buy a home with a mortgage, ...