It certainly should be. Many people overlook the exposure they may have as a result of inadequate insurance coverage. But without the right amount and type of insurance, a major setback, accident or lawsuit could be devastating financially.
Have children or people who depend on you financially? You’ll want to make sure you have life insurance, and enough of it, to ensure that your loved ones don’t suffer should something happen to you. Have you accumulated home equity, savings and other assets over time? An umbrella policy may be a wise move. Renting, either temporarily or for the long term? Renters insurance could help make sure you and your family aren’t financially devastated in the event of a fire or other disaster at the home or apartment you’re renting.
Do you have only the minimum amount of auto insurance required by the state in which you live? That could be a major mistake in the event of an accident in which someone is injured or dies. And what other types of insurance products, such as disability and long-term care insurance?