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Making sure all your assets are protected

In today's world, we all know that we have to have insurance when we purchase a car or buy a home. However, most people don't really think about why they need insurance or why our legislature or lenders require individuals to carry insurance.


One major aspect of insurance is to make sure all your assets are protected. Whether you are a wealthy individual or live paycheck to paycheck, you have assets.


Let's talk about the paycheck to paycheck person. Have you ever stopped to think that your paycheck is one of your assets? What would happen if part of your paycheck went missing every week? This is a real possibility if you are under-insured or not insured at all.


Let me take you through a simple scenario:


You carry the Texas minimum limits for auto liability: 30,000/60,000/25,000 (which is $30,000 per person, $60,000 total per incident for injuries $25,000 property damage)


You are driving home from work. You've had a bad day and your mind is all over, you are definitely not paying as much attention to the road as you should be and, to top it off, the weather is bad. Before you know, you have just rear-ended the car in front of you, which then hit the car in front of them.


After all injuries and vehicle damage is accounted for, they total $100,000 in injuries and $30,000 in property damage. Your insurance pays to the limits, $60,000 in injuries and $25,000 in property damage.


Let's add that up:


Total injuries and damage: $100,000 + $30,000 = $130,000

Total paid by insurance: $60,000 + $25,000 = $85,000

Difference = $130,000 - $85,000 = $45,000


In this scenario, do you know who is responsible for the $45,000 not paid by insurance? That's right, you! The only asset you have is your paycheck and guess where they are going to slowly start taking that $45,000 from?

Now let's take that same scenario and maybe you have tons of assets, you are not a paycheck to paycheck individual. You think that $45,000 is nothing and you'd be fine to pay that out. It's not that simple because someone in that accident finds out you are wealthy and they contact an attorney who is going to go after much more than $45,000.


In either scenario, it is important that your insurance policy protects you!


If you are are curious to know whether your current insurance policies provide you the protection you need, please contact us today for a free insurance review.



#assetmanagement #liabilityinsurance

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