Let’s talk about it anyway.
When you think about financial planning, insurance might not be top of mind – or even come to mind. But managing wealth isn’t only about growing and preserving it – it’s also about protecting yourself from the financial harm that can be caused by incidents such as theft, damage to your property, or someone getting hurt in your home or by your vehicle.
One of the ways we support our clients at Modera is by addressing every aspect of their financial situation, including their insurance coverages. Here’s a look at just a few of the questions we ask to help make sure our clients are properly insured and connected to the company best suited to their needs.
What we ask: Do you have enough property insurance?
Why we ask it: We want to make sure that all your risks are appropriately addressed. All properties, all vehicles (including land, water, and air craft), and all assets (including jewelry, art, antiques, and furniture), should be covered for their full replacement value.
What we ask: Do you have an umbrella policy?
Why we ask it: If you’re ever sued for damages that amount to more than the liability coverages of your property or vehicle insurance, an umbrella policy can provide additional coverage that protects your savings and other assets.
What we ask: Has there been significant change in your life?
Why we ask it: Because if new property has been acquired; if there’s been a move; if a birth, a death, or a divorce has taken place, if you’ve inherited wealth; (and there are many other situations) your insurance coverage may need to adjust as well to cover those changes.
What we ask: Are you a board member for a nonprofit?
Why we ask it: If you serve on a nonprofit board, and there’s a lawsuit against the nonprofit, individual members could be held personally liable. Fortunately, there are special coverage provisions that can protect you.
What we ask: Have you ever changed your insurance company?
Why we ask it: If you’re still using the same insurance company you chose when you were first starting out, or you chose an insurance company because you felt the price was right, you may not be getting the coverage terms or the service you need now, especially if your wealth has grown.
When you’re a Modera client, we assess your insurance needs at the beginning of our relationship and review it every few years. We also remind you to let us know when and if changes occur in your life so we can help you to determine if your coverage needs to be updated to match your current needs.
Modera Wealth Management., LLC is an SEC registered investment adviser with places of business in Massachusetts, New Jersey, Georgia, North Carolina and Florida. SEC registration does not imply any level of skill or training. Modera may only transact business in those states in which it is registered or qualifies for an exemption or exclusion from registration requirements.
For additional information about Modera, including its registration status, fees and services and/or a copy of our Form ADV Disclosure Brochure, please contact us or refer to the Investment Adviser Public Disclosure web site (www.adviserinfo.sec.gov). A full description of the firm’s business operations and service offerings is contained in our Disclosure Brochure which appears as Part 2A of Form ADV. Please read the Disclosure Brochure carefully before you invest or send money.
This article is limited to the dissemination of general information about Modera’s investment advisory and financial planning services that is not suitable for everyone. The case study represented here is hypothetical in nature and is used for illustrative purposes only. It should not be construed as a testimonial. Each client’s situation and circumstances are different, and the foregoing should not be relied upon as legal or financial advice for one’s individual circumstances. Nothing herein should be interpreted or construed as investment advice nor as legal, tax or accounting advice nor as personalized financial planning, tax planning or wealth management advice. For legal, tax and accounting-related matters, we recommend you seek the advice of a qualified attorney or accountant. This article is not a substitute for personalized investment or financial planning from Modera. There is no guarantee that the views and opinions expressed herein will come to pass, and the information herein should not be considered a solicitation to engage in a particular investment or financial planning strategy. The statements and opinions expressed in this article are subject to change without notice based on changes in the law and other conditions.