Protect Your Assets–But Don’t Spend Too Much
Purchasing insurance coverage to protect our assets is generally a smart way to avoid suffering catastrophic financial losses. However, finding the right balance of insurance coverage that will not break our personal bank can be a daunting task.
Whether our assets are physical in nature like a house or car, or they are intangible like our ability to earn an income, insurance is generally less expensive than replacing the lost or damaged assets. Below is a strategy used to balance insurance needs and insurance costs.