Today’s Smart Money Question:
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We focus quite a bit on accumulation when it comes to retirement planning, but none of that matters if you aren’t protecting yourself and your assets. One of the most important pieces of your portfolio is property and casualty insurance.
Most people know about this but how well do they actually understand it? We want to dive into auto insurance and homeowners insurance on this episode of Smart Money Questions to give you a comprehensive understanding of your policy.
Matt Hausman welcomes Ted Wolfer to the show to help us through this. He’s the Managing Partner at White Clay Insurance and has helped Matt with his policies through the years.
We’ll begin the show focusing on auto insurance. What are the requirements for each driver and what are the add-ons? Understanding what your coverage will actually pay for is important because car accidents can be extremely costly, even if you aren’t at fault. It’s also great to know that many of the increases in coverage can be had for a small increase in premium.
From there we’ll transition into homeowners insurance. We often base many of our decisions on premium price, but that shouldn’t be the determining factor. Some policies only cover a fraction of costs in the event you’re dealing with damage to your house and that’ll cost you much more than your premium.There are many considerations to make and hopefully this will open your eyes to some of them. It’s easy to choose a policy and just forget about it, but you need to be re-evaluating your coverage much like you would your investments. As life changes, so do your insurance needs.
If you want to get in touch with Ted or the team at White Clay Insurance, visit their website here or call 302-525-6720.
Thanks for listening to this episode of Smart Money Questions. We’ll be back in a couple weeks for another show. Make sure you subscribe to our newsletter to get alerted to that and other financial news.
0:21 – Today we’re talking property and casualty insurance with Ted Wolfer
1:31 – Start by helping us understand what this insurance is?
2:09 – Understanding auto insurance and the requirements vs the add-ons.
5:34 – Are there minimums that are required for vehicles you lease or have a loan on?
6:30 – Understanding the liability minimums you might have seen on your policy.
8:55 – Here are the recommendations Ted and his office makes.
10:40 – The difference in premiums is usually very small.
11:29 – Something that confuses Matt on his policy.
15:31 – Understanding what’s covered and what’s not on homeowner’s insurance.
14:13 – Again, premium increases to cover a much higher amount is around 5%
20:22 – Explaining code enforcement and why it’s important for insurance policies.
23:34 – What does an umbrella policy cover?
29:28 – Property and casualty insurance policies need to be evaluated on an on-going basis.
30:01 – How to get in touch with Ted to get more information or discuss policies.
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