Advised by Marc Hebert, President of The Harbor Group Inc., a certified financial planner. If you have any questions about finance or would like to suggest a future topic, send an email to webstaff@wmur.com. You have made every effort to keep your home safe for your family and friends. The sidewalks are safe and shoveled with lots of sand and salt in winter. Your pool is fenced. Your dog is good. You are a safe driver. You may even have managed to instill the same idea of safety in young drivers in your household. Despite all precautions, someone could still have an accident and you could be held responsible. We live in a contentious society. As you listen to the news, some of the judgments seem outrageous. Have you ever thought about what would happen to you financially if you were at the wrong end of a judgment? Maybe you thought you were done because you have homeowners and auto insurance. You may receive some liability coverage for these covers, but it may not be enough. Your home and auto policies may not protect your income and assets from major judgment. In this case, roof insurance can be of great help. This coverage offers additional liability protection up to the insurance limit. It can serve other purposes as well. It can pay your legal fees if you are involved in the litigation. It can pay for your free time from work. It can also protect against other incidents not included in the homeowner’s standard policy, such as defamation, defamation, invasion of privacy, and defamation of character. A policy can cover other members of your household as well. Just make sure you understand how the directive defines this term. Given the high coverage limits, one might think that roof insurance is only for the rich. However, it is valuable coverage for other families as well. Some don’t realize how much wealth they really have. Total assets include your home’s equity, checking and savings accounts, broker accounts, and retirement plans. Even your current and future income can be viewed as a source of funding for a lawsuit. While some of these funding sources and accounts are protected under federal or state law, others don’t. In either case, you are still responsible for all judgments. At this point, it is probably useful to check how rich you are. Make a list of all of your assets. The amount might surprise you. A policy could help protect your hard-earned assets. Another question you might want to ask yourself is whether you are at risk of being sued. You may want to consider your lifestyle. Does it endanger you more than others? For example, are you a landlord, do you have large parties, do you own a hot tub, or are you publicly known? Given the diversity of these exposures, there is some risk of being sued for almost everyone. Roof insurance can offer you a certain level of security. The other problem you may have is the cost of the roof covering. This varies depending on the insurer. The cost of $ 1 million coverage is typically $ 300 per year, but it can be more or less. Umbrella coverage could also be more cost effective for higher levels of coverage. Again, this could be a small price to pay to keep it safe. You should also be aware that your homeowners and auto policies (and watercraft, if any) must have certain limitations of liability under the roof policies. It is important to ensure that these limits are aligned with the umbrella. Any gaps in coverage remain your responsibility. A typical amount of underlying coverage for home and auto insurance can be $ 300,000 and $ 250,000, respectively. However, it is best to contact your insurer. If you have any questions or concerns about your coverage, it is helpful to discuss them with your property and casualty insurer or a certified financial planner. He or she can help you consider your assets and commitments and come up with a plan for your individual situation.
Advised by Marc Hebert, President of The Harbor Group Inc., a certified financial planner. If you have any questions about finance or would like to suggest a future topic, send an email to webstaff@wmur.com.
You have made every effort to keep your home safe for your family and friends. The sidewalks are safe and shoveled with lots of sand and salt in winter. Your pool is fenced. Your dog is good. You are a safe driver. You may even have managed to instill the same idea of safety in young drivers in your household. Despite all precautions, someone could still have an accident and you could be held responsible.
We live in a contentious society. As you listen to the news, some of the judgments seem outrageous. Have you ever thought about what would happen to you financially if you were at the wrong end of a judgment? Maybe you thought you were done because you have homeowners and auto insurance. You may receive some liability coverage for these covers, but it may not be enough. Your home and auto policies may not protect your income and assets from major judgment.
In this case, roof insurance can be of great help. This coverage offers additional liability protection up to the insurance limit. It can serve other purposes as well. It can pay your legal fees if you are involved in the litigation. It can pay for your free time from work. It can also protect against other incidents not included in the homeowner’s standard policy, such as defamation, defamation, invasion of privacy, and defamation of character. A policy can cover other members of your household as well. Just make sure you understand how the directive defines this term.
Given the high coverage limits, one might think that roof insurance is only for the rich. However, it is valuable coverage for other families as well. Some don’t realize how much wealth they really have. Total assets include your home’s equity, checking and savings accounts, broker accounts, and retirement plans. Even your current and future income can be viewed as a source of funding for a lawsuit. While some of these funding sources and accounts are protected under federal or state law, others don’t. In any case, you are still responsible for any judgments.
At this point, it is probably useful to check how rich you are. Make a list of all of your assets. The amount might surprise you. A policy could help protect your hard-earned assets.
Another question you might want to ask yourself is whether you are at risk of being sued. You may want to consider your lifestyle. Does it endanger you more than others? For example, are you a landlord, do you have large parties, do you own a hot tub, or are you publicly known? Given the diversity of these exposures, there is some risk of being sued for almost everyone. Roof insurance can offer you a certain level of security.
The other problem you may have is the cost of the roof covering. This varies depending on the insurer. The cost of $ 1 million coverage is typically $ 300 per year, but it can be more or less. Umbrella coverage could also be more cost effective for higher levels of coverage. Again, this could be a small price to pay to keep it safe.
You should also be aware that your homeowners and auto policies (and watercraft, if any) must have certain limitations of liability under the roof policies. It is important to ensure that these limits are aligned with the umbrella. Any gaps in coverage remain your responsibility. A typical amount of underlying coverage for home and auto insurance can be $ 300,000 and $ 250,000, respectively. However, it is best to contact your insurer.
If you have any questions or concerns about your coverage, it is helpful to discuss them with your property and casualty insurer or a certified financial planner. He or she can help you consider your assets and commitments and come up with a plan for your individual situation.