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Comments on: Review and update of our insurance coverage http://www.my-personal-finance-blog.com/2006/06/06/review-and-update-of-our-insurance-coverage/ Advice, research and tips on improving your financial life Fri, 18 May 2012 04:39:24 +0000 http://wordpress.org/?v=2.3.1 By: Consumer-Driven Finance » Blog Archive » Homeowners and Auto Insurance Review http://www.my-personal-finance-blog.com/2006/06/06/review-and-update-of-our-insurance-coverage/#comment-1484 Consumer-Driven Finance » Blog Archive » Homeowners and Auto Insurance Review Sat, 17 Jun 2006 17:44:47 +0000 http://www.my-personal-finance-blog.com/2006/06/06/review-and-update-of-our-insurance-coverage/#comment-1484 [...] Via makingourway, My Personal Finance Blog does a great job of laying out his/her thinking behind homeowners and auto insurance coverage. Perhaps it would be a good idea to think about health insurance too. [...] […] Via makingourway, My Personal Finance Blog does a great job of laying out his/her thinking behind homeowners and auto insurance coverage. Perhaps it would be a good idea to think about health insurance too. […]

]]> By: makingourway http://www.my-personal-finance-blog.com/2006/06/06/review-and-update-of-our-insurance-coverage/#comment-1355 makingourway Fri, 09 Jun 2006 02:52:22 +0000 http://www.my-personal-finance-blog.com/2006/06/06/review-and-update-of-our-insurance-coverage/#comment-1355 quick thoughts and recommendations: 1. raise your life term amounts. Your incomes will continue to increase over the next 10 years and so will future premiums. I recommend 30 year (check out metlife) $1m each. You really don't know what future obligations you'll have. The incremental cost difference will be minimal, especially after a few years pass. Take the hit now and the premiums will look cheap 5 years from now. 2. good move increasing your deductibles to $1000 each. Most actuaries I now do that. I also recommend be certain you have at least $1k in a MM or other account in case you do have to use the policy. 3. umbrella. Get at least $1m coverage. The extra security is worth the coverage. Also, keep in mind you'll have additional coverages built into the umbrella that may not be present in the underlying policies - usualy libel or some related coverages are added into the umbrella. You may also find that a $2m policy is not much more expensive - your call here. 4. coverage for the second horse is a great idea. 5. check out schedule C or other home business related coverages that might be relevant to your side business (horse hostel). Possibly including personal injury or if you have any 3rd parties working for you. Great blog as always. Regards, makingourway quick thoughts and recommendations:

1. raise your life term amounts. Your incomes will continue to increase over the next 10 years and so will future premiums. I recommend 30 year (check out metlife) $1m each. You really don’t know what future obligations you’ll have. The incremental cost difference will be minimal, especially after a few years pass. Take the hit now and the premiums will look cheap 5 years from now.

2. good move increasing your deductibles to $1000 each. Most actuaries I now do that. I also recommend be certain you have at least $1k in a MM or other account in case you do have to use the policy.

3. umbrella. Get at least $1m coverage. The extra security is worth the coverage. Also, keep in mind you’ll have additional coverages built into the umbrella that may not be present in the underlying policies - usualy libel or some related coverages are added into the umbrella. You may also find that a $2m policy is not much more expensive - your call here.

4. coverage for the second horse is a great idea.

5. check out schedule C or other home business related coverages that might be relevant to your side business (horse hostel). Possibly including personal injury or if you have any 3rd parties working for you.

Great blog as always.

Regards,

makingourway

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