How Much Insurance Do You Need?
You may think the odds of something bad happening to you are small — until it happens.
Having proper insurance coverage can help mitigate the costs associated with repairing and replacing property or treating medical issues from unexpected events.
Without proper insurance coverage, a catastrophic event can wipe out all you’ve worked hard to earn and save. But if you never have to use insurance, aren’t you just throwing money away? The answer is, not necessarily. The very act of having insurance can give you peace of mind, knowing that if something were to happen, your family and your assets would be protected from total loss.
What are the Chances?
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How common are home burglaries in the U.S.? Take your best guess:
Every _____ seconds, a home in the U.S. is burglarized.
- 3 seconds
- 14 seconds
- 37 seconds
- 52 seconds
According to the Federal Bureau of Investigation (FBI), a burglary occurs every 14 seconds.
The Importance of Risk Management
Buying insurance is part of a broader concept called “risk management.” Adequately protecting yourself, your property and your income with insurance can reduce your risk of financial losses and help you better manage your financial well-being. Consider the following questions:
- What types of insurance coverage do you really need to protect your health and assets?
- How much coverage should you have and how much should you pay?
- How might you limit your out-of-pocket insurance expenses?
- How should your insurance coverage change when your life circumstances change?