Comments on: Ten Simple Ways to Cover Your Ass(ets) http://www.fivecentnickel.com/2007/02/07/ten-ways-to-cover-your-assets/ personal finance tips, tricks, and commentary Mon, 13 Feb 2012 18:22:18 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Cathy Moran http://www.fivecentnickel.com/2007/02/07/ten-ways-to-cover-your-assets/comment-page-1/#comment-68922 Cathy Moran Fri, 02 Mar 2007 19:59:48 +0000 http://www.fivecentnickel.com/2007/02/07/ten-ways-to-cover-your-assets/#comment-68922 Your list to protect assets is sound, but as a bankruptcy lawyer who sees lots and lots of family budgets, I'm horrified by the lack of preparation for retirement evident in those budgets. The number of the elderly filing bankruptcy suggests that one can't live well on Social Security alone. Your list to protect assets is sound, but as a bankruptcy lawyer who sees lots and lots of family budgets, I’m horrified by the lack of preparation for retirement evident in those budgets. The number of the elderly filing bankruptcy suggests that one can’t live well on Social Security alone.

]]> By: Jerry http://www.fivecentnickel.com/2007/02/07/ten-ways-to-cover-your-assets/comment-page-1/#comment-66820 Jerry Thu, 08 Feb 2007 14:17:37 +0000 http://www.fivecentnickel.com/2007/02/07/ten-ways-to-cover-your-assets/#comment-66820 On top of uninsured, make sure you're covered for underinsured too. On top of uninsured, make sure you’re covered for underinsured too.

]]> By: Jason http://www.fivecentnickel.com/2007/02/07/ten-ways-to-cover-your-assets/comment-page-1/#comment-66788 Jason Thu, 08 Feb 2007 05:34:48 +0000 http://www.fivecentnickel.com/2007/02/07/ten-ways-to-cover-your-assets/#comment-66788 On your auto policy, increase the liability coverage, uninsured coverage and the PIP. Liability is obvious--at least $300k. Uninsured coverage is also important so that you have something to go after if you are injured in a car accident; get about as much as your liability coverage. Finally, PIP (personal injury protection) is when your auto policy pays your medical bills if you are hurt. Increase this to about $25k because you don't want the health insurance hassle when you need medical treatment right away. On your auto policy, increase the liability coverage, uninsured coverage and the PIP. Liability is obvious–at least $300k. Uninsured coverage is also important so that you have something to go after if you are injured in a car accident; get about as much as your liability coverage. Finally, PIP (personal injury protection) is when your auto policy pays your medical bills if you are hurt. Increase this to about $25k because you don’t want the health insurance hassle when you need medical treatment right away.

]]> By: Jerry http://www.fivecentnickel.com/2007/02/07/ten-ways-to-cover-your-assets/comment-page-1/#comment-66782 Jerry Wed, 07 Feb 2007 21:52:49 +0000 http://www.fivecentnickel.com/2007/02/07/ten-ways-to-cover-your-assets/#comment-66782 I would highly recommend increasing the minimums on your car insurance policies. I would highly recommend increasing the minimums on your car insurance policies.

]]> By: Joan http://www.fivecentnickel.com/2007/02/07/ten-ways-to-cover-your-assets/comment-page-1/#comment-66767 Joan Wed, 07 Feb 2007 17:56:54 +0000 http://www.fivecentnickel.com/2007/02/07/ten-ways-to-cover-your-assets/#comment-66767 It's no guarantee, but everyone should write down the serial numbers of their valuables: computers, PDAs, game systems, entertainment system electronics, firearms, etc. Take digital photos of valuables that don't have serial numbers. Obviously, don't keep this info just on your home computer. Burn a copy to CD. If your stuff ever gets stolen, it will greatly increase your chances of ever seeing it again. It’s no guarantee, but everyone should write down the serial numbers of their valuables: computers, PDAs, game systems, entertainment system electronics, firearms, etc. Take digital photos of valuables that don’t have serial numbers. Obviously, don’t keep this info just on your home computer. Burn a copy to CD. If your stuff ever gets stolen, it will greatly increase your chances of ever seeing it again.

]]> By: Daisy http://www.fivecentnickel.com/2007/02/07/ten-ways-to-cover-your-assets/comment-page-1/#comment-66735 Daisy Wed, 07 Feb 2007 13:53:24 +0000 http://www.fivecentnickel.com/2007/02/07/ten-ways-to-cover-your-assets/#comment-66735 Great list, and one I've been working on recently. I just purchased disability and umbrella liability insurance yesterday! In addition to a living will, I would suggest a healthcare power of attorney. As I understand it, the living will evidences your wishes, but it is not binding on anyone. The power of attorney designates the person who will make healthcare decisions for you if you become incapacitated. So, you want to name someone who you trust to carry out the instructions in your living will. Great list, and one I’ve been working on recently. I just purchased disability and umbrella liability insurance yesterday!

In addition to a living will, I would suggest a healthcare power of attorney.

As I understand it, the living will evidences your wishes, but it is not binding on anyone. The power of attorney designates the person who will make healthcare decisions for you if you become incapacitated. So, you want to name someone who you trust to carry out the instructions in your living will.

]]> By: Wes http://www.fivecentnickel.com/2007/02/07/ten-ways-to-cover-your-assets/comment-page-1/#comment-66732 Wes Wed, 07 Feb 2007 12:55:30 +0000 http://www.fivecentnickel.com/2007/02/07/ten-ways-to-cover-your-assets/#comment-66732 Nickel, I finally bought an umbrella policy on Monday and it was easier and cheaper than I expected. My 6 month premium is only $100 for $1m coverage through Geico. That price reflects the fact that I use the same insurer for home and car insurance. Anyway, it provides a nice sense of security. I provided a little more detail about it on my blog: http://moneycuts.com/05/umbrella-insurance-policy Nickel, I finally bought an umbrella policy on Monday and it was easier and cheaper than I expected. My 6 month premium is only $100 for $1m coverage through Geico. That price reflects the fact that I use the same insurer for home and car insurance. Anyway, it provides a nice sense of security. I provided a little more detail about it on my blog:
http://moneycuts.com/05/umbrella-insurance-policy

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