Insurance is the process of risk transfer of an unknown future loss to your insurance company. The central purpose of any good insurance program is asset protection.
If you have assets, the first thing to consider when putting together an auto insurance program is what amount of insurance coverage is needed to protect your assets and future earnings? Similarly, you’ll want to ensure that the personal liability protection on your home policy is in line with asset protection. The insurance company is only responsible for paying up to the amount of coverage you have selected.
If a serious loss occurs and your coverage is not sufficient to cover the loss, your assets could be exposed to cover a judgment against you. As your assets increase and/or your risk factors, such as adding a young driver to a household or adding a trampoline to your backyard activities increases, these limits need to be evaluated and adjusted to protect your net worth in the event of a negligent act that causes injury.
The Hart-Hinek Insurance Agency offers free, no obligation insurance reviews and a portion of all new business commissions will be donated to the local school of your choice.