3 Common Home & Auto Insurance Mistakes

The wrong insurance coverage at a great price is the wrong insurance for you. Here are 3 of the most common mistakes people make with their home and auto insurance.

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Mike Bernard, CFP® offers advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. This information is for general financial education and is not intended to provide specific investment advice or recommendations. All investing and investment strategies involve risk including the potential loss of principal. Asset allocation & diversification do not ensure a profit or prevent a loss in a declining market. Past performance is not a guarantee of future results.

[TheDealHunter]

I learned something new today. I didn't realize that an umbrella policy stacks on top of the underling coverage. I always assumed that a 1M policy would cover you just up to 1M.

[donaldlee]

Back when I rented a house, worked through my S-Corp, and only assets were my IRAs, I was effectively judgement proof and completely unconcerned if I was sued and lost. Fortunately I'm now in the opposite situation and max out all my vehicle policies, increased my home policy, and have a $1M umbrella policy on top of that.

[CA]

I drive old junk cars and keep a 2, 000.00 deductible but I would also argue if you can afford a new expensive car you should be able to afford a 2k deductible. And the savings go way way up when you do that. My 08 Cobalt with 250, 000miles only cost me 125.00/yr. So I agree self insure for the deductible. If you can’t your living too close to the bone.