Insurance Can Make or Break Your Financial Plan

You could be one bad accident, storm or lawsuit away from disaster unless you have the right insurance. From umbrella to uninsured motorist, flood and excess liability, it could take a few different types of policies to get the job done.

An illustration shows a large rock precariously balanced atop a small one, looming over a person standing underneath.
(Image credit: Getty Images)

Having the correct property and casualty coverage is critical when it comes to protecting your assets. Lack of P&C planning may cause you to lose the ability to meet your life goals if disaster strikes.

For example, if your home gets destroyed by fire (and you have substantial equity in the home) but you are only covered up to 50% of the replacement value, this can be financially devastating.

Subscribe to Kiplinger’s Personal Finance

Be a smarter, better informed investor.

Save up to 74%

Sign up for Kiplinger’s Free E-Newsletters

Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.

Profit and prosper with the best of expert advice - straight to your e-mail.

Sign up

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

To continue reading this article
please register for free

This is different from signing in to your print subscription

Why am I seeing this? Find out more here

Roxanne Alexander, CFP®, CAIA, AIF®, ADPA®
Senior Financial Adviser, Evensky & Katz/Foldes Financial Wealth Management

Roxanne Alexander is a senior financial adviser with Evensky & Katz/Foldes Financial handling client analysis on investments, insurance, annuities, college planning and developing investment policies. Prior to this, she was a senior vice president at Evensky & Katz working with both individual and institutional clients. She has a bachelor’s in accounting and business management from the University of the West Indies, she received an MBA at the University of Miami in finance and investments.