Do you have enough liability coverage in your home, auto, and umbrella policies to protect your savings?
It’s an important consideration any time, but especially during retirement when safeguarding your assets becomes even more critical.
Consider these three basic principles when you’re evaluating insurance coverages:
- Buy value, not price. For example, is exposing yourself to loss by lowering your liability limits worth saving a few dollars every month? Make sure you understand the implications.
- Maximize your insurance dollar. The risk of a catastrophic event may be low but it does happen…and it can be financially devastating. If you’re looking to save money, explore reducing your deductible before you consider reducing coverage.
- Insure for the catastrophic. It’s the real reason we have insurance.
Umbrella insurance is often overlooked but most financial planners consider it a must-have. It’s also very affordable. You may be surprised at the situations in which you may need umbrella insurance:
- Paying for damaged cargo after being involved in an accident with a semi-truck.
- Striking a power pole or building can result in a significant liability.
- If you ever face charges of slander, libel, or defamation of character, you’re not likely covered unless you have an umbrella policy.
Let one of our personal insurance consultants guide you through your options. We’re here to help you make the best decisions for your situation—even if you don’t choose us.