The start of a new year can present an opportunity to refocus on health and wellness, including financial protection and well-being. As we look to find ways to ensure our financial house is in order, it is important to include an annual review of the insurance that protects your actual house, property and general liability to ensure you have sufficient and optimal coverage before you may need it.
The insurance that provides this kind of coverage is aptly called “property and casualty” insurance. Property insurance helps cover the “stuff” you own, like your home(s) or your car(s). Casualty insurance provides liability coverage (often referred to as “umbrella” coverage) to help protect you and your financial assets in the event you are found legally responsible for an accident or incident where another party is impacted.
Even though this kind of coverage is important for most people, being under-insured is not uncommon. Life gets busy. Equity grows. Remodels happen. Investment properties and teenage drivers creep into the mix. Suddenly your coverage may not be sufficient.
A regular review of your insurance can help identify exactly what your policies cover, and where there could be gaps. Many insurance laws have also changed in recent years, so what’s required may have changed, or coverage in certain areas can be more difficult to obtain. So, a periodic discussion with your Litman Gregory Wealth Management advisor and your insurance professional can help identify areas to consider.
What should you be looking for in your coverage or discuss with your property/casualty insurance professional?
We suggest you ask about…
In addition to the above, here are some questions to consider, as these situations would be important to mention to your insurance provider so they can evaluate any changes needed to your coverage:
Property and casualty insurance is one of the common planning topics we discuss with our clients to ensure that the proper coverage is in place to protect them and their property in the event of loss or liability. What we’ve covered in this post are only some of the key areas to consider, so we recommend reaching out to your advisor to discuss your situation further. If needed, your advisor can also provide a referral to a trusted property/casualty insurance professional to review the details of your existing coverage.
Research Team Changes
We are pleased to announce that 23-year veteran Jack Chee has taken on the U.S. CIO – Asset Management role.
Insight Newsletter—Summer 2023
Our Insight Newsletter is now available. Included in this edition: Investment Commentary Gauging the Odds of a Recession Wealth Management Team Updates View
Gauging the Odds of a Recession and What it Would Mean for Investors
While the U.S. economy has recently been more resilient than many expected, the question remains whether the Fed’s aggressive series of rate rises will lead to a recession in coming quarters. In this post we consider the relevant economic data to address this question and the potential impact on financial markets.