In order to assess your general health, a doctor may request blood tests and conduct a basic physical exam. But your physical health isn't the only aspect of your life that you should attempt to measure; you should also monitor your insurance portfolio in order to get a better sense of your financial health.

Weak Coverage, Weak Financial Future

Your net worth can be positively influenced by the amount of money you save each month. Your retirement savings, short- and long-term savings, and emergency savings all work together to negate your overall debt and can give you a snapshot of your financial health. But your net worth is just a mirage if you don't have sufficient insurance coverage.

After a covered peril you could lose all of your savings in order to pay for damaged assets or liabilities that could have been covered through insurance. At this point, your financial picture would go from hopeful to hopeless, which is why having a high net worth with very little insurance protection creates a false perception of safety and security.

Variety Is the Spice of Life

Dentists often employ a cute slogan in order to encourage their patients to floss daily. They say that one should only floss the teeth he wishes to keep. Since most individuals want to keep all of their teeth, dentists hope that this slogan makes them realize that they must floss all of them regularly in order to do so.

In many ways, assets are like teeth but instead of dental floss, they need insurance. If you choose to only insure some of your assets then you could easily lose the value of those that you don't. For example if you choose to insure your dwelling but not the contents of your home then, after a fire, you'll have coverage for your home’s rebuilding expenses but nothing to replace the lost assets found in the contents. Likewise, if you choose to have liability auto insurance coverage but skip collision and comprehensive then you’re protecting only your liabilities and not your asset, which is the vehicle.

Your financial health not only ensures the comfort of your lifestyle but also impacts your ability to have a physically healthy future. To find out how your Regina insurance can help ensure both financial and physical health, give us a call at Heritage Insurance today.
Posted 1:44 PM

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