The term “hard-earned” is by no means a joke, especially in today’s world. We work hard for the things we own – houses, cars, businesses, savings, and other personal belongings. Having worked this hard to own them, it is important to protect these items, otherwise known as our assets.
In this article, we will briefly look at how residents of Cumming, GA can protect their assets with the right insurance strategy. This will ensure that these assets are protected for years to come, helping us achieve our short- and long-term financial goals.
What is an Asset?
Contrary to what some may think, assets are not just physical properties. Most of us only consider our cars, houses, and personal valuables as assets. In reality, our assets include our investments, income, and even future earnings. You can get a more complete definition here.
Any of these items can be affected by events like natural disasters, accidents, theft, and even liability claims. To protect these assets, you need to have well-planned insurance coverage which will provide a safety net that ensures minimal loss in the face of any of these events.
How to Protect Different Types of Assets
There are often different approaches to protecting different types of assets. We will quickly look at some assets and a few quick tips on how to protect them.
Home/Property
A home is the largest and most valuable asset that many families in Cumming own. The most common way to protect this type of asset is with a homeowner insurance cover. This type of cover can protect against loss from vandalism, storms, fire, and some other natural disasters. You can also get liability coverage to protect you should someone get injured while on your property.
When taking out a homeowner insurance policy in Georgia, it is important to take into consideration the state’s unique weather patterns which can sometimes have flooding or heavy storms. You should therefore take some time to study the policy document to be sure you know exactly what is covered and what is not. This will ensure that you are not surprised when it’s time to make a claim.
Automobiles
While cars are often classified as depreciating assets, they are still assets that should be protected. More than just meeting the state-required minimum auto insurance coverage, you should protect yourself from possible liability claims, medical expenses, and expensive repairs.
You can do this by getting comprehensive or collision coverage. These can help with the repairs of your car after an accident or covered damage, and it can also replace your car in the case of theft. You should work with a car insurance agent to help you determine which is best for you. Of course, the details of what is covered and the benefits to expect will be based on your policy type.
Income, Business Protection
Business owners in and around Cumming can protect their assets by insuring their businesses with the right business insurance policy. This type of plan can protect against liability claims, property damage, and loss of income. Without this type of safety net, a single mishap or incident can put your entire business at risk, and even spill over to your personal income.
Liability
Aside from directly protecting your assets, you should protect yourself from anything that can eventually affect your assets. In today’s reality, liability claims can come from just about anywhere, making it essential that you are well-protected.
This can range from a slip-and-fall on your property, car accidents, or any other issues that can result in legal claims. These can really be expensive, and can eat into your income, savings and even solid assets if not handled correctly.
This is where umbrella insurance policies can come in handy. An umbrella insurance policy will give you liability coverage that extends beyond what your home or auto insurance plans can possibly offer you.
You can learn more about umbrella insurance policies here: https://www.investopedia.com/.
Always ensure that you review and update your coverage regularly to accommodate your current realities. Changes occur in life – deaths, births, marriage, divorce, business growth, and more. A policy that served you last year may not be adequate this year, given the changes that have occurred in your life within the period. This is an important aspect of securing your assets.
Working with a Local Insurance Agent
There are a lot of confusing parts to insurance, especially those fine prints. This is why working with a local professional who understands both the realities on the ground and the policy, is important. Little wonder many residents of Cumming look to local agents like Kara Davis: Allstate Insurance for guidance with respect to their insurance needs.
Find a local agent to help you with guidance on choosing the policy that will work best for you. This can save you a lot of money and future heartache.
Conclusion
Protecting your assets is as important as the process that brought the assets in the first place. An African adage says “you do not become wealthy by squandering wealth.” Financial security and long-term financial goals can only be achieved when you earn, secure what you earn, and then earn more.
Protecting your assets today is protecting your future.
