Personal Financial Planning 13th Edition by Lawrence Gitman,Michael Joehnk,Randy Billingsley

Exercise 11

Adequate property insurance is a vital part of financial planning. It helps protect our hard-earned investments in a home, car, or other property. This project will help you determine your property insurance needs.
List the property for which you'd need insurance coverage. Your list may include such things as a home, car, boat, motorcycle, or household items. Beside each entry, list the insurance that you currently have in place on each. Then examine the depth of coverage of your policies. Is this coverage adequate What are its exclusions and limits What are the costs Can you do something to lower these costs If you don't have coverage or if your coverage is inadequate, research various policies. If you rent a place to live, do you have renter's insurance If not, tally up what it would cost you to replace all your household items, and then find several quotes for renter's insurance.