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A big part of protecting your lifelong savings includes ensuring you have the correct property and casualty coverage.READ THE ARTICLE
In the event of an emergency or other unexpected occurrence, the last thing you want is for a portion of your hard-earned dollars to disappear. In that light, this article spotlights several areas of insurance to make note of, all of which should coordinate together to avoid as many gaps in coverage as possible. They are as follows:
📌 Homeowners insurance: General homeowners policies will protect you against instances such as theft, fire and personal liability, but you also might need additional policies, such as coverage against flooding or a hurricane. Property should also be insured at replacement cost and dwelling coverage should equal at least 80 percent of the value of the property.
📌 Personal property: With general homeowners insurance, valuable articles such as jewelry, antiques, technology, etc. might be excluded or have a cap on what is paid in the event of a loss. For these items, a separate rider can be utilized at an additional cost.
📌 Auto insurance: To keep your premium low, deductibles here should be the highest level possible. However, you will want to ensure your ability to afford paying the deductible in the event of a claim. As for medical costs from an auto accident, uninsured motorists coverage can help mitigate gaps in coverage risk.
📌 Excess liability/umbrella insurance: Umbrella liability is utilized to help protect from an accident lawsuit, defamation or invasion of privacy lawsuits. Additionally, some specific careers and lines of work utilize excess liability insurance to protect against risk in the event of a lawsuit.
My two cents: It’s often the outlying, undefined risks that can rip away the success of your financial strategies, but can easily be mitigated with insurance.