The best way to get the most out of your policy is to understand it. Start with the basics, such as the policy number, effective and expiry dates and the definitions of key terms, such as covered perils and excluded losses. It's also a good idea to check the policy at least once a year, especially after significant life events (marriage, kids, new car, etc.).
Once you understand the basic coverages, consider adding other types to your portfolio. These include disability and life insurance, which can provide financial support when you're unable to work, and long-term care, which covers some or all of your health-related expenses and costs when you need nursing home or assisted living services. Business owners should also look at umbrella policies, which add another layer of liability protection to your home and auto coverages, and product liability insurance, which protects you if someone is injured by a product you manufacture or sell.
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Finally, consider incorporating an entity, such as an LLC or S corporation, to separate your personal assets from the assets of your business. This can be helpful in protecting your retirement accounts, home, and other investments from creditors in the event of a lawsuit or bankruptcy. For more tips and guidance, contact a qualified adviser.
Take Advantage of Discounts
Insurance can be expensive, but there are a number of ways to save money without compromising coverage. For example, you can take advantage of discounts offered by insurers, raise your deductible, bundle policies, and improve safety features. Additionally, you can save on premiums by shopping around and improving your credit score.
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It's important to review your policy regularly and make adjustments as needed. This is because life moves quickly, and it's easy to overlook changes that affect your coverage needs. For instance, a home upgrade or new car may require changes to your policy. Also, life events like getting married or having children may require more insurance coverage or a change in liability limits.
