Jennie Phipps: 5 Money Lessons To Learn Before You’re 40

Someone with lots to lose, a home, a car and future income, is better off picking a plan with high deductibles, he said, and planning to claim only when there is a devastating loss that the insured can’t pay for otherwise. In other words, you collect when the house burns down or the car is totaled or the accident causes major injury.

“Assess what you can afford with high limits of loss and then add a personal umbrella, which can be cost-effective and provide protection if you are faced with tens of thousands (of dollars) in losses,” Hoyt said.

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