Is your moat full?



You’ve often heard us say “build a moat” around your personal wealth.  Insurance is one part of that moat and reviewing it on an annual basis or as changes occur in your life is important.

Recently we went through our own insurance analysis; including Life, Car, Health, and Homeowners.  And although some of it was painful … (health insurance premium increases, etc.) it was an excellent exercise to ensure that if something happened to our home, our nest egg wouldn’t be affected.

Rising property values and home improvements are obvious items that one thinks of when evaluating home insurance.  However, changes such as decks, flooring, artwork, appliances, etc. shouldn’t be overlooked. The holidays and new year are known for such upgrades to entertainment systems, appliances, and luxury items.  Be sure to update your policy accordingly.

To assist you when you review with your insurance provided, the Insurance Information Institute offers these thoughts:

  • Start with recent purchases and work backwards
  • Prioritize big-ticket items like art, jewelry and antiques
  • Take photographs of individual rooms, drawers and possessions
  • Perform a walk-through video and describe the contents as you go
  • Create an electronic inventory or use list-making software

Be sure to store all of the above in your Q4 eMoney Vault so that you will have it in a secure place.  If you need assistance logging into your personal website to do so, please contact us.

If you’ve lived in your home longer than 5 years, chances are it will cost more to replace than is currently on your policy.  Take time out this season to make sure your home and your nest egg is properly protected.