Jonathan Geissler May 14, 2018 No Comments

Understanding Your Insurance Coverage Limits

 

Do you drive the cheapest car? Do you live in the cheapest neighborhood?

Why not?

Now ask yourself this: did you choose the cheapest insurance quote you received?

Nearly everything we own — our cars, homes, articles of clothing, jewelry, etc. — was purchased with two things in mind: value and price. It’s a balancing act that is even more crucial when searching for the financial protection of these same items.

No one wants to buy more insurance; but no one wants to lose it all either.

Here is a great way to find out how much insurance you might need. Add the following:

  • The equity in your home (what you can sell it for, minus what you still owe on it)
  • Your personal property (everything you own, besides your home itself)
  • Investments (IRA, 401(k), etc.)
  • The total amount of money in your savings and checking accounts
  • Your future earnings (take what you made last year, and multiply that by the number of years you plan to work)

Take your time. Double-check if you feel the need.

Is that number higher or lower than your current coverage limits?

If it’s a lot higher, don’t worry — you’re not alone. Most people don’t realize how much they are actually worth.

Insurance LimitsYou have millions to lose. What is it worth for you to protect it? $50 more per month? $40 more per month?

How about $25?

Sometimes, a $25 per month umbrella policy is all it takes to assure you possess adequate coverage to protect all your assets.

Do we sound like financial planners? Think of us as your financial protectors. If you would like us to review your current insurance program, please contact us at 845-986-1177, and we will make sure you are covered PROPERLY.

 

We are your business, home, auto, and life insurance solutions provider, partner, and adviser, serving Warwick, Greenwood Lake, Florida, Goshen, Pine Island, Middletown, Chester, Monroe, Newburgh, Orange County, and the Hudson Valley and Tri-State Area.

 

Related:

How Smart Home Technology Affects Your Insurance

Why You Need High Value Home Insurance

Garrett Explains | Episode 7: Two Popular Claims Not Covered by Your Homeowners Insurance

Garrett Explains | Episode 10: Are Recreational Vehicles Covered by Your Home Insurance?

Garrett Explains | Episode 12: Understanding Insurable Replacement Cost

Garrett Explains | Episode 13: What to do After a Car Accident

Umbrella Insurance: What’s the Point?

The Most Common Home Insurance Exclusions

Just a Few Reasons You Would Need Umbrella Insurance