What is Personal Insurance?

Personal insurance comes in many forms and is an insurance that is important in securing your finances, your personal assets and other circumstance.  Personal insurance can be used to insure your house and car, provide health coverage for your family, and even cover travel risks when you are on vacation.  It is important to remember when considering any of these types of insurance, that you understand what is required of you from the lender if the coverage is part of a financing arrangement (like a mortgage, or major durable purchase), as well as your financial ability to cover replacement or repair costs without insurance that can help keep some of these overall costs down.    

How does Personal Insurance Work?

The personal insurance selection and monitoring process consists of three components that should be reviewed annually to ensure proper and appropriate coverage. 

     1)  Initial Review

          a)  Personal Property & Health Conditions

               i)  What needs to be insured and what does not?

               ii)  What are the risks of no insurance vs. having insurance?

     2)  Product Selection

          a)  Vendor search

          b)  Product and Coverage restrictions

          c)  Fee considerations

               i)  Setup, annual, variable, etc.

     3)  Annual Review

          a)  Personal Property & Health Condition review

          b)  Vendor review or new vendor search

          c)  Compare prices and coverage restrictions

Why are these products Important?

The cost of personal insurance as with most insurance is really negligible when considering the time, money and expense involved with handing unanticipated financial emergencies.  The process to determine what is needed and the choice of vendors is a personal decision based on your desired level of customer service in addition to the flexibility you want from the products that are selected.  The important thing to understand is that the needs of your personal situation can change as you get older, have success, and as your family grows.  Generally personal insurance rates will not vary a great deal between vendors considering coverage and customer services options, so it is important to make sure to review your insurance coverage and products annually to ensure they still fit your plan and the needs you had when initially purchasing the product.