How much insurance do I need?

As insurance agents, you might expect us to say something like, “As much as you can afford!”  Funny answer, but it’s not a good one.

The best answer is to ask about you and your priorities

Stack of big binders with one labeled Q&A for Questions and AnswersA good question to ask is:  What do you need covered?  When first starting out as adults, most folks start with a little insurance as they can get and still be legal (auto insurance, bonds) or compliant with lender rules (homeowner insurance).  But once they get some real equity in their assets, minimum coverage is definitely not enough.  It won’t replace the full value of what’s lost in most cases.

The other concern is if you get sued, your assets become a target if they are substantial enough.  You want your insurance to cover you enough so that your assets are reasonably protected.  This is true for both your personal and your business assets.

What can you not afford to lose?

So this brings us to a similar question, what assets do you want to protect?  We here at Rekerdres Insurance love reading policies – it’s true! – so we would be happy to go over your existing insurance with you.  We can help you see if it matched up to your needs.

Everyone’s situation is a little different, so don’t settle for a one-size-fits-all solution.

Don’t buy insurance for things you don’t need covered.  DO buy insurance for what you DO need covered.  What does this mean for you?  Talk to us.  We would love to opportunity to help you answer this question of “How much insurance?” in the right way for you.