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Protecting your assets is an important step when you are creating a solid personal financial plan. The right insurance policy can make sure that you safeguard your possessions and earning power. There are some policies that you should discuss with a State Farm Scottsdale agent to see if they are right for you.

Auto: Auto insurance is required by law, but there are still reasons why it benefits you. If you are involved in an accident and property is damaged or someone is injured, then you could be subject to a lawsuit that can cost you everything you own. Accidents can happen at any time and the results can be tragic. You may want to purchase more than just the minimum amount of required coverage in order to stay protected. You may be required to purchase comprehensive or collision coverage if you are leasing or financing your car, in order to keep your investment safe.

Home: Your home is one of the biggest assets you have and if you ever have to replace it, it can be an expensive proposition. The right homeowner’s insurance can make this process easier. Home insurance not only protects your home structure but also your personal belongings. It will also cover your liability should someone be injured at your home or if you or a family member damages someone else’s property accidentally.

Business: Business insurance is necessary for any small business. If you run your business from your home, then you should consider a business policy as well because homeowners insurance won’t cover any injuries or damages to your business equipment.

Health: The cost of medical care should be enough of a reason to have health insurance. A simple visit to the doctor can result in an expensive bill. Serious injuries that require a hospital stay can be enough to force someone into bankruptcy. Injuries that require surgery can also rack up five- or six-figure costs. The cost of health insurance can be a financial burden, but the potential cost of not having coverage is a lot higher. Health insurance can also give you preventative care services to help you prevent getting sicker down the road.

Life: Life insurance helps protect those who are finically dependent on you. This can be your spouse, parents, children, or other loved ones. Think about how much you earn each year and the number of years you plan on working and purchase a policy that can protect that money in the event of an untimely death. You should also factor in burial costs. This can be an unexpected cost that is a burden.

Umbrella Insurance: Umbrella insurance can be used to protect your assets further. Instead of increasing the limits on your home and auto insurance in order to stay protected, an umbrella policy can also be another way to go.

A State Farm Scottsdale agent can help you find the right policies and also assist you with getting the right coverage amounts.

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