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Lessons from L.A. Check Your Insurance Coverage NOW! Property, Auto and Life Insurance Tips You Need to Know. No Dumb Questions with Connell McShane and Doug Flynn, CFP. Ep. 7
Manage episode 460936979 series 3602960
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This podcast focuses on the importance of various types of insurance, with a particular emphasis on homeowners insurance and its coverage options. Discussions included the need for understanding policy basics, considering factors like deductibles and bundling for discounts, and following the 80% rule for adequate coverage. The conversation also touched on life insurance options and the challenges of affording insurance for families with children.
Homeowners Insurance Coverage and Review
Connell and Doug discussed the importance of homeowners insurance, particularly in areas prone to natural disasters like California and Florida. They highlighted the need for understanding the basics of insurance coverage, including the four major incidents it covers: interior damage, exterior damage, loss of personal belongings, and injuries on the property. They also discussed the three basic levels of coverage: actual cash value, replacement cost, and extended replacement cost or value. Doug emphasized the importance of the 80% rule, which states that insurance should cover 80% of the current replacement value of a house to ensure full coverage. They concluded that homeowners should review their policies regularly to ensure they are adequately covered and to avoid potential issues when filing claims.
Insurance Discussion and Personal Experience
Doug and Connell discussed various aspects of insurance, including homeowners, auto, and life insurance. They emphasized the importance of bundling policies for discounts and the need to consider factors such as deductibles, security systems, and umbrella policies. They also discussed the importance of term and permanent insurance, with term insurance being more cost-effective for younger individuals. Connell shared a personal experience about the difficulty of affording insurance for multiple children. The conversation concluded with a reminder to consider the 80% rule for homeowners insurance and the possibility of discussing health insurance in a future podcast.
Next Steps
1. Listeners to review their homeowners insurance policy and check if they meet the 80% rule for coverage.
2. Homeowners to consider bundling home and auto insurance with one company for potential discounts.
3. Drivers to evaluate increasing their auto insurance deductible to potentially lower premiums.
4. Individuals to assess their need for umbrella insurance based on their net worth and current coverage limits.
5. Drivers to check if their auto insurance includes uninsured and underinsured motorist coverage.
6. Employees to review and consider maximizing employer-provided life insurance when first joining a company.
7. Individuals to calculate their life insurance needs based on mortgage, college funding, and income replacement requirements.
8. Listeners to consider a combination of term and permanent life insurance based on their long-term needs.
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