The Personal Finance Podcast The Insurance You MUST HAVE and What You Don't Need
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Jun 4, 2025 Explore the must-have insurance types that protect your financial health and the essential coverage amounts to consider. Learn about car insurance nuances, including the best strategies for comprehensive and collision coverage, especially for newer vehicles. The episode emphasizes the importance of homeowners and renters insurance to cover potential risks. Discover the DIME formula for life insurance needs while navigating the pitfalls of policies like whole life insurance that might not be worth it.
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Health Insurance Is Essential
- Health insurance is essential to protect against financial ruin from medical bills, the top cause of bankruptcy in the U.S.
- Choose a plan with an affordable out-of-pocket max and check that preferred doctors and prescriptions are in-network.
Shop Auto Insurance Annually
- Auto insurance is required by law and protects you from massive liability if at fault in an accident.
- Shop aggressively, have a trusted agent, and consider umbrella insurance if your net worth exceeds $500,000.
Cover Home and Possessions Properly
- Get homeowners or renters insurance to cover your largest assets and protect against liabilities from injuries on your property.
- Insure for replacement cost, not market value, and consider riders for valuables like jewelry or art.