Your home is probably one of your greatest assets, so it makes sense to make sure it is protected. That is what homeowners insurance is for, although it is often overlooked once the home is purchased and the initial policy paid. The problem is that for most people, the premiums are bundled into the monthly mortgage payment and it automatically renews each year, so little thought is given to the coverage year after year. But your needs change over time, and you may find that the coverage you initially purchased isn't sufficient for today's needs.
Today is as good of a time as ever to dust off your policy and find out just what is and isn't covered. You may be shocked to find that you don't have adequate coverage. Look no further than the last year's flood victims in the Midwest. Many homeowners had no idea that they were in any danger of a flood, and most didn't have flood insurance since that is optional in additional to standard homeowners insurance. A situation like this can turn your life upside down, so it is best to make sure you understand what coverage you have, and determine if you need more.
I apologize in advance for the poor and quick writing style of this comment.
We’re crying out here for homeowners insurance? Interesting how we’ll cry out for things we think about such as homeowners, car even life insurance when the risk of disability and it’s damaging of a household is much larger a problem. Think about the much larger dollar amount along with the much larger chance. Many people also think “I have group disability at work” not understanding the limitations of most of those plans (and not talking to an advisor about it). This is seemingly part of the goal of your writing and I would ask you do so.
I am not writing this to be scathing, but simply to petition for an article. I subscribe to this blog as well as to your GenX feed and I like a lot of what you talk about. I also know you have the education and knowledge and I would press you to write more about disability.
Thanks for the comment. Financial planning is a pretty large topic and there is a lot to cover. This article on homeowners insurance was written a while ago, but I was just linking back to it for something to think about.
You’re right, and I don’t currently have an article stressing the importance of disability insurance, so that will be one of the items I put on my list of upcoming topics to write about.
I’ve brought it up in passing, but have not yet dedicated a complete article discussing the likelihood of needing disability coverage, how much it can really cost someone if a disability occurs, and so on.
Thanks for the reminder. It is a topic that does need some coverage.
I’ve been debating on committing, but I’d love to help you on potential information as it’s a passion of mine (mainly due to two family situations happening within close proximity). As a CPA turned Financial Advisor, I’m somewhat jealous you, Jeff Rose et. all who have taken the time to write blogs and advising articles. I’ve considered doing it, but simply haven’t taken the time. Instead, I’ve shared many of the articles from my RSS feeds.
If interested, I’d happily help with some statistics and additional information or other help with the writing of the article.