Answer:
When you don’t need it!
With Hurricane Harvey now staged to deliver “Catastrophic Flooding” according to the National Weather Service, now is not the time to wonder whether you have flood insurance.
We all fall into the trap of becoming complacent about our insurance coverages.
Unless you have a major claim, the renewal process is painless and we don’t see either the slight increase or the lack of coverage that we might need in our lives.
Insurance coverages that you should have but might not:
Renters Insurance – according to the National Multifamily Housing Council 37% of all US households rent. The shocking statistic is that only 37% of those renters have renter’s insurance versus 95% of home owners with a home insurance policy.
Texas renter’s insurance is inexpensive. According to the Independent Insurance Agents and Brokers of America, the average cost is only $12 per month, or $144 per year, for $30,000 of property coverage and $100,000 of liability coverage. Basically, it is the cost of having a pizza delivered once.
Not having renter’s insurance is grossly more expensive.
Umbrella Insurance – is extra liability insurance. It is designed to help protect you from major claims and lawsuits and as a result, it helps protect your assets and your future. It does this by providing additional liability coverage above the limits of your homeowners, auto, and boat insurance policies.
What would $1,000,000 in Umbrella Insurance cost? According to the Insurance Information Institute, a $1 million umbrella policy typically costs between $150 to $300 a year.
Annual Insurance Checkups
Policy cost and coverages change from year to year. It is important to have your policies reviewed. These are questions we would want answers to in our financial planning with our clients.
Property Insurance
- Do you have the coverage you need?
- Are you paying for coverages you don’t need?
- Are you missing coverages that you do need?
Life Insurance
- Is the reason you purchased the policy still exist
- Is the policy performing financially as it was initially projected?
- Can you replace the policy for a lesser cost?
- Are your beneficiaries accurate?
Getting caught without insurance or with the wrong policy can lead to financial stress when you least need it.
Take the time today to schedule an appointment to have those coverages reviewed or get the coverages you need.
We can support you with reviewing your life insurance and have several key resources that can assist you with all your property and casualty needs.
Michael Tannery CPA CDFA® AIF® ● CEO
Registered Principal
Be A Financial Olympian
Michael
Michael Tannery CPA CDFA® AIF® ● CEO
Registered Principal
Be A Financial Olympian™
