Managing risk is something we should always be aware of….before the risk we are evaluating hits us when it may be too late to do something. Take a look below at some of the risks you should be aware of.
Real Estate Risks:
Un- or Under-Insured Properties: Most property owners have not fully calculated replacement costs and are not completely insured for it. Have an annual meeting with your insurance broker to be sure you are covered properly.
Renters Insurance: If you rent, you should have renters insurance. No, the landlord does not cover your personal items!
Interest Rates: Evaluate adjustable rate mortgages: if a rate spikes upwards, can you afford the monthly payments?
Pools: If you install a pool, have you managed safety risk and are you insured fully for this?
Weathering: Evaluate flood, fire, wind, etc exposure. Is your home built to withstand and survive all or does it need waterproofing? Do you have an escape route from fire?
Insurance for Big (and Small) Medical Expenses: What is your deductible? Do you have that amount saved? Are you covered for the big things that may come your way?
Bank Deposits: Know that bank deposits are mostly insured by the FDIC for up to $250k for individuals and $500k for joint accounts at one bank. If you have more cash to stash, put it in different insured banks.
Liability Insurance: Many people are in the business of suing. Be protected.
Savings: Do you have savings for when tough times hit (inevitably that can happen!). Do you have 6-months of living expenses in savings?
Copyright Infringement: Are the images you use yours to use? Are they copyrighted?
Driving: When driving do you assess the risks others pose with their driving as much as the risk you might pose?
Weather: Do you check the weather before leaving your home in the morning?
Hard Times Prep to Consider:
Charge Electronics: Always have phones and computers charged and have a backup energy supply. Carry backup batteries with you and in your car, suitcase, purse and, briefcase.
Natural Disasters: Do you have an emergency kit/supplies/food and plan on standby in the event of a catastrophic event?