When your career grows, your property, compensation and lifestyle typically do also – and so has your risk exposure. Have your insurance relationships and policies been keeping pace?
It is not unusual for individuals to gather policies and professionals as they progress through life’s stages. As a young single, you may not have given a thought to life, disability or even renters insurance. Your marriage may have prompted the purchase of life insurance and buying your first home introduced you to property coverage. The birth of a child can make buying life insurance a priority if you do not already have it.
Your compensation might have changed your lifestyle as an executive. Have you accumulated grown-up toys like expensive cars, personal aircraft, boats, motorcycles or even horses? Do you have pricey collections like fine art, jewelry or a wine cellar? You should have had all those items documented with paperwork or photos, or appraised and added the appropriate riders.
When your income goes up, so does your need for disability coverage, especially if your spouse does not work. If you purchased disability coverage many years ago, have you checked lately to make sure it still provides adequate substitute for your improved income?
Domestic employees can become more common as demands on your time go up. Depending on the state, you may be required to provide insurance for your nanny, housekeeper, groundskeeper, driver or personal assistant.
Regular homeowners insurance might not give enough coverage for custom-built new houses or historic homes. While replacement cost coverage sounds wonderful, a lot of insurers cap rebuilding costs. Guaranteed replacement does not have a cap, and many companies have specific policies that are designed to replace unique and pricey details of historic homes or to cover the cost of rebuilding historic homes in agreement with current building codes.
The amount of insurance relationships and policies you may have accumulated over the years may no longer be enough. A comprehensive risk management plan looks at every angle of potential loss, determines which would have the most devastating impact on your financial well being and finds solutions to lower those risks. Talk to your financial advisor or insurance professional to make sure your solutions still fit.
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