Don’t Let Your Personal Assets Get Wiped Out
You have spent your lifetime building assets to take care of your financial future but how much time have you spent learning how to protect those investments?
Your business, real estate holdings and other assets could be wiped out with just one lawsuit. Many people are surprised to learn they are more “at risk” than they realize.
Think you are exempt or just not sure you need personal liability insurance?
If any of the following apply to your present life situation then chances are you are at greater risk than you realize:
- You are employed or work in a high-risk professional occupation including private practice or own your own business.
- You own valuable assets including land, rental property or other investments.
- You have a teen or young adult at home or in college; remember, you are responsible for their liabilities until they reach adulthood… including auto accidents or other functions that could put your property at risk.
- You sit on the board of directors, advisory board or other position for a corporation or not-for-profit agency.
Personal liability insurance is affordable and a great safe-guard from potential lawsuits or claims against personal and/or family assets and holdings above and beyond those covered by standard auto, malpractice or homeowners policies.
One of the most affordable types of insurance available, personal liability policies cost between $200 and $450 annually for $1 to $2 million in coverage.
To calculate the size of your policy simply add up all of your assets including financial, real estate, cash or other valuables then subtract the amount of your current coverage.
The remaining figure should be the basis of your coverage.
Be sure to take inflation and recent appraisal values into account by speaking with your insurance agent.