Day: August 29, 2017
Since money plays such an intrinsic role in our lives, most of us aspire to achieve a “comfortable” level of income and a few of us even manage to become wealthy. However, the money game is not all about getting more. Those of us who play the game well understand the financial importance of keeping ourselves and our property properly protected and insured against harm.
When you set about protecting your finances from possible disasters, it doesn’t matter how much you earn. It’s important to do your best to take care of your property and assets regardless of whether you are poor, middle class, or rich.
With that in mind, here are some ideas to protect your property, assets, and finances:
Protect your Home
The more beautiful your home, the more attractive it is to burglars. Eyeing your house from the street, they are tempted by the idea of what they might be able to steal. However, some burglars also like to break into poor and middle-class homes because these are the low-lying fruit and seldom have enough protection.
It’s essential that you seek out the best home security that you can afford. While it’s possible to buy and install your own security system, it’s not as effective as working with a monitored security provider. You may not buy all the right equipment or install it correctly, and you are unlikely to be aware of the latest home security technology. In addition, a security firm will monitor your home for you even if you are away for a few days and will take immediate action should there be a problem.
It’s also important to realize home security isn’t just about protecting your home from intruders. A home monitoring security system will also alert you to fires, flooding from burst pipes, or carbon monoxide leaks. In addition, a security firm can help with medical emergencies, such as responding to a medical alert if an elderly family member falls and breaks a hip bone when no one is at home.
Get Adequate Insurance
If you’re bewildered about insurance, you’re not alone. Insurance is a complicated industry, and, in fact, the only way to make good decisions about what type of insurance you should get and how much coverage you need is by talking to an insurance agent who can break down your options.
Before thinking about specific insurance, the type you often see advertised in infomercials, here are the six most relevant forms of insurance that the average person should get:
1. Health Insurance
This insurance will help you get medical care when you need to see a doctor for a routine health checkup, when you’re sick, or if you have an accident.
2. Disability Insurance
This insurance will provide supplemental income should you be unable to work after an accident. It can provide both short and long term assistance.
3. Homeowner’s Insurance
This insurance will protect your property in your home from a variety of losses like fire, flood, natural disasters or burglary.
4. Renter’s Insurance
This insurance will protect property in a house or apartment that you are renting from a variety of losses like fire, flood, natural disasters or burglary.
5. Car Insurance
Without auto-insurance, you won’t be legally allowed on the road without this insurance. However, the state only requires you to have minimum liability insurance. If you’re an at-fault driver you’re covered for damage to somebody else’s vehicle or it the accident causes personal injury or death. However, you will need more coverage to protect your own vehicle in the case of an accident.
6. Life Insurance
This insurance will protect your family—your wife and children—should anything happen to you. It will pay for your funeral and give your family some short-term revenue until they can get back on their feet again.
It’s important to realize that this is not a comprehensive list of insurance because the wealthier you are are, the more specialized types of insurance you will need to shield your wealth. As a wealthy person, you are more vulnerable to financial predators—people who want to siphon some of your wealth for themselves through lawsuits or scams. So, while everyone has to get some form of financial protection, the wealthier you are the more protection you will need against loss.