Risk management is one of the main keys to effectively build and protect wealth. This is why we do a property and casualty review for each financial planning client we work with. Most people think their car insurance is there to protect your car. It is really there to protect the wealth you have worked to create, and will create in the future. Until these coverages are coordinated with your overall situation, you could be paying too much and getting too little actual benefit in return, leaving you vulnerable.
Many people feel “insurance poor”. This is usually a result of over paying for their risk management. This review finds areas you might be over paying, or coverages you are missing, or even coverages you might not need. Risk management is important, but so is cost. After this process, most clients don’t dislike their insurance companies so much anymore. They now understand what risks they can accept and which they want to “reinsure” with a policy. They also know they are only paying for coverage they really will benefit from.