Financial Freedom and How To Protect Yourself From Trouble – Part 2

January 14th, 2008 | Stacey | Debt Management, Financial Independence, Financial Freedom Opportunities, Financial Freedom

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The previous entry in our ongoing financial freedom series that reviews ways to protect your assets discussed catastrophic health insurance to cover unexpected illnesses or accidents. Medical expenses can incur quickly and can even leave people bankrupt without the proper insurance.

Another type of insurance to consider to protect your cars, home and assets is umbrella liability insurance on your homeowners  and automobile insurance policies. Although you may already have liability coverage, it may not be substantial enough to cover the expenses incurred which could cause you to be personally sued for the difference to be paid. Your liability insurance should be equal to double your net worth, especially if you are a targeted person for lawsuits such as a doctor, public representative or attorney.

Umbrella policies extend the existing insurance coverage you have so it will kick in after your automobile or homeowners coverage has been exhausted. They are affordable policies and you can often get a million dollars worth of coverage for only a couple of hundred dollars. Inquire about umbrella insurance policies to ensure your assets are fully protected.

The next entry in our ongoing series about financial freedom through protecting your assets will discuss more common sense ways to make sure you take care of what you have for greater financial independence and fewer debts.