Assets generally fall into the following categories:
No one can predict when tragedy will strike. Peace of mind comes from knowing that your possessions are protected against the unfortunate events that happen in life. The standard risks covered are fire, flood, acts of God and accidental damage. The complete list of risks is long and varied. Look at your assets from the point of view of you not having them anymore. Understand what could affect your assets and lifestyle and what solutions are available and discuss these fears with your consultant.
Ask yourself this: If this item was damaged or stolen, would it leave me in financial difficulty or could I afford to replace or repair it with cash? If you can’t afford to replace or repair it yourself, you should insure it.
Make sure your insurer gets full marks across the five C’s of insurance:
Your circumstances will change over time as you buy and sell assets and change your risk profile. Make sure that you are paying for a policy or service that still suits your needs. Ask for updated quotes to keep in touch with the latest offers in the market and make sure you get the best value for your money.