50551 Van Dyke Avenue
Aside from investment portfolio considerations, insurance is a key component of your overall risk management profile. Unexpected events such as a car accident, severe illness, or a house fire can severely and adversely impact your financial health. Having the proper amount of insurance coverage will help protect you from the financial consequences associated with unforeseen circumstances and provide you with peace of mind. We will work with you, along with outside insurance professionals, to review your options, coverage requirements, and any recommended actions based on your situation.
If you have someone who relies on your support, whether financial or otherwise, life insurance is something you should consider. Life insurance can replace the wages you earn and use to provide for others. It can also be used to pay for services that you may be providing if you are a stay-at-home mom or dad, for example. There are two basic types of life insurance: term and permanent. Term insurance is where you pay the premiums for a specific period of time, and the only way the policy will pay out is if you die during the policy's term. Employers often offer a term life insurance benefit that must be renewed each year during the annual open enrollment process. Outside of workplace benefit packages, term life policies can range anywhere from five to thirty years. With permanent life insurance, part of your premium pays for the policy and part of it goes into a savings plan where you may earn a return on the balance. While a permanent life insurance policy is designed to stay in place for your entire life, it may be cancelled based on the terms of the contract. Permanent life insurance policies typically cost more than term life policies.
There are many unique insurance needs and auto insurance requirements vary by state. In most states, drivers are required by law to have at least liability auto insurance, which covers your legal costs, up to a defined limit, if you injure a person or damage property with your car. The right auto insurance policy can help get you back on the road quickly if your car is damaged or destroyed by accident, fire, theft, or other covered event. Your policy may also provide protection against medical and legal expenses resulting from injury, loss of life, or property damage caused by an accident involving your vehicle.
Your home is the center of your daily life, and likely your most valuable asset. The right homeowners insurance policy can provide you peace of mind as well as the money you need to repair or replace your home and/or belongings. Insuring the place you call home can help protect you financially if you suffer a loss due to fire, theft, vandalism, or other covered events. It will also cover you in the event someone is injured while on your property and wins a legal judgment against you. Homeowners policies differ by which losses are covered, which coverages you choose, and what type of residence you own.
Renters insurance covers personal property loss and liability for renters. Many large and medium-sized rental properties include a requirement in their lease that tenants hold renters' insurance. This insurance is relatively inexpensive, especially compared with what it would cost you to replace all your personal belongings like clothing, furniture, electronics, and other property if they were stolen or damaged.