I’m a huge fan of the Motley Fool, the folks there write in such simple and plain language that anyone can understand some of the most complex personal finance topics as long as one of those guys (and gals) is explaining it. This time, TMF Mile High (Tim Beyers) gives a little advice about a topic near and dear to this blog, homeowner’s insurance.
Mile Hight after giving an introduction to homeowner’s insurance in general, goes into three critical questions all homeowner’s must ask of their insurer:
1. What does it cost to build in your area?
2. What risks does your home face?
3. What funds do you have?
Check out the article if you can, it’s worth the fifteen minutes it takes to read it.
Source: Motley Fool
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A lot of people mistakenly think that they’re adequately covered with just a homeowner’s policy, when they need an umbrella policy. I was listening to a local money show just this afternoon that was talking about how hosting a party where alcohol is served can make you legally liable for any accidents that occur from attendees’ intoxication. Their advice was to be careful in the first place (of course) but to combine that with an adequate umbrella policy to properly protect yourself in the event that you are sued.
That’s very very true, a lot of homeowner’s policies have exclusions based on alcohol, specifically, so it pays to check your policy.
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