How Much Protection is Enough Protection for Yourself & Your Family? Ask an Expert

How do you know if you have enough insurance? Sure, there are certain risks you’re willing to assume -- earthquake might be one, landslide another -- but how can you be sure that you’re not facing risks you don’t want to assume? You talk to a professional, someone who understands risk and can assess your willingness to assume it. Someone who can tell you whether you have enough insurance, based on your aversion to risk, or too much. You talk to an insurance agent, someone who understands what coverage is out there and what is right for you. You talk to an insurance agent who has expertise in the specific coverages you need and the risks you face. ∗ Tip. Just like you don’t go to a foot doctor for a severe headache, you don’t go to an agent who doesn’t specialize in the coverages you need -- homeowners, auto, 

umbrella, disability, life and long-term care. This guide will explain each of these types of insurance in detail, what they cover, what they don’t cover, who they are appropriate for, etc. But before determining if you need these coverages -- some, like homeowners and auto, are often required -- you must understand what you have to lose and what risks you are willing to accept. However, before you can do this, you need to be aware of every -- every! -- risk you face. OK, maybe not every risk, but certainly every risk that has even a remote chance of occurring. Your current insurance provides coverage for many risks, but not all of them. Do you know what you don’t have coverage for? An insurance agent can tell you.