Getting the right property and casualty insurance coverage might not rank high on your list of monetary priorities. Compared to financial investment choices and estate planning concerns, questions about the language in your homeowners policy may appear barely worth considering. Yet the more successful you become, the more complicated your asset-protection needs are likely to be. Then you will have more to lose. Expect, as an example, that in addition to your primary home– a historic home– you also own a house at the beach and an apartment in the city. The homes are in 3 different states. The value of your collection of Abstract Expressionist paintings has multiplied rapidly. And you simply volunteered to serve on the board of directors of a charitable company.
Nearly every part of this scenario might end up costing you a lot. Insurance laws may differ widely from one state to another. Various types of homes need specialized protection. Collections of art, antique vehicles, and other unique products may be difficult to safeguard completely. Serving on a not-for-profit’s board might subject you to extra personal liability.
Protecting yourself and your family may indicate buying additional protection, but more insurance coverage isn’t necessarily the answer. Rather, it’s necessary to review all your requirements, think about specialized policies or policy alternatives, and collaborate your coverage with other elements of your monetary situation.