In these times, sometimes it is difficult to get excited about checking over your insurance coverage. However, if you aren’t regularly reviewing your policy to make sure that your coverage is adequate, you might find yourself unpleasantly surprised down the road. Most people, though, are not terribly worried about protecting their assets. A recent COUNTRY Financial Security Index poll reports these results:
A COUNTRY Financial survey reveals that although nearly
half (46 percent) say the majority of their net worth is represented by
the equity in their home, just two percent say having the right level of
insurance protection is their biggest financial priority.
If your home’s equity represents a large chunk of your net worth, then it is vital that you review your insurance coverage. You need increased coverage as your home increases in value, whether due to market conditions (hope for the future, right?), or due to home improvements you have made. It is a good idea to review your coverage regularly, and adjust it accordingly.
This doesn’t just apply to home insurance; it also applies to auto insurance, life insurance and other types of insurance you might have. Make sure that your assets are adequately protected. Otherwise, you may find yourself at more of a loss should something happen.