• Nate Baim, MBA, CFP®

Reviewing This Is Essential to CYA


Enjoy this week's edition of the Planner's Beta


Beta (n) - climber's jargon that designates information about a climb This digest's purpose is to share observations, ideas, and treasures found this week which you may also find insightful. Sharing does not mean it's an endorsement. I am endorsing the pursuit of knowledge and exploration.



This Month's Financial Planning Item -

Reviewing Your Property and Casualty Insurance Policies


Your property and casualty insurance policies are a vital part of your overall financial plan. It's important to review these policies each year to ensure that you have the coverage you need. If there are gaps, now is the time to implement changes to acquire proper coverage.


This month I encourage clients to review their auto, home, and personal property insurance policies. In this month's financial planning item, we focus on issues to consider when reviewing your policies, including:


Real Estate/Property Insurance

  • Did you recently buy or sell a primary residence or vacation property? It's important to review this insurance coverage, and perhaps your insurer, to ensure that the policies cover an adequate amount of the property's replacement value.

  • Have you made substantial improvements to your property, or has the property appreciated significantly in value? You need to be sure that their coverage keeps up with any increases in the property's value.

Auto Insurance

  • You should review your collision and comprehensive coverage. Depending upon the age of the vehicle and other factors, you may want to make some adjustments.

  • Are your children now of driving age? If so, you need to be sure that your children are covered as drivers and that your liability limits are adequate.

Personal Property and Umbrella Insurance

  • If you own personal property (i.e., antiques, collectibles, or coins) with a value that exceeds the ordinary policy limits, you may need to schedule these items to ensure coverage.

  • If you need additional liability coverage over and above what your homeowner's policy offers, you may need an umbrella policy.

Here is a comprehensive checklist of the types of issues you should consider when reviewing your property and casualty insurance policies. These policies play a crucial part in your overall financial planning and protect your family's assets from losses.


If you need independent advice on managing income and savings, please review the services I offer and place an introductory appointment on my calendar.


If you are a current Pursuit Planning and Investments client, securely upload any documents needing review to PreciseFP. We will discuss these items in our next scheduled check-in meeting. Or you may place an appointment on my calendar.

View this 19 point check list to help you organize your thoughts to optimize your property and casualty risk management plan.





Quote of the Week

"I would rather die of passion than of boredom." - Vincent Van Gogh


 

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