Ready to hop into this week’s Get Ready Update? Let’s go!
✅ Week #28 Action Item: Review your homeowner and renter insurance
- The key for homeowners and renters insurance is to know exactly what is covered.
- Having the right coverage will make sure that you are fully protected in the event of a claim.
- Homeowners and renters insurance policies may not cover everything that you expect them to and will differ in how coverages may be defined.
- Earthquake and floods are not typically covered under homeowners and renters insurance policies. Coverage may be obtained by adding an endorsement or purchasing a standalone policy.
⭐️ **Pro-tip**:
– Get replacement coverage, not an “actual cash value” policy. Make certain you purchase enough coverage to replace what is insured. This will give you the money to rebuild your home and replace its contents. An “actual cash value” policy is cheaper but pays only what your property is worth at the time of loss—your cost minus depreciation for age and wear.
💭 **Habit of the week**: Detailed Focus
– Focus on the details of your homeowners or renters insurance policy.
🤔 **Get Ready Money Guide Tip**: Question of the week
– Have you updated your home insurance recently? Have you considered earthquake or flood insurance?
📝 **Resources (available to all):**
📝 Access your resources for this week’s action item (#28) from your Get Ready Money Club dashboard (located in Monthly Focus Area 6: Are You Protected?):
– The Get Ready Blueprint Week 28 (fillable PDF). This week, you’ll walk through the steps to review your homeowners and/or renters insurance coverage and calculate the replacement cost for your home.
– Homeowners/Renters insurance worksheet where you can enter details for your policy/policies.
Note: These resources are available for all Get Ready Money Club members – (https://www.tonysteuer.com/login)
P.S. Please let me know if you have any issues accessing these resources.
Source: The Get Ready weekly action item is from The Get Ready Blueprint: A 52 Week Guide to Changing The Way You Think About Money). Pick up your copy at your favorite online bookshop ([Amazon])([bookshop.org].
About Tony Steuer
I make the complex world of financial services easy to understand so that people feel empowered to take control of their financial lives. A recognized authority on financial preparedness - in case of that disaster you did not expect - I advocate for ethics, integrity and consumer protection within the financial industry.
I make the complex world of financial services easy to understand so that people feel empowered to take control of their financial lives. A recognized authority on financial preparedness - in case of that disaster you did not expect - I advocate for ethics, integrity and consumer protection within the financial industry.
