No one likes doing their taxes, but it’s one of those unavoidable parts of life we all have to do once a year. However, there are some benefits to going over everything you earn and own that can often be overlooked.
This year, when you gather all of your tax information, why not see if you need to add something to your insurance policy, as well? Here are some items to keep in mind:
- Properties — If you are using a property for deductions, you need coverage on it. Remember, you can often use the same carrier for your rental properties for extra savings.
- Assets — If you added assets that can be lost, they should be covered. Don't forget to note any real material items and ask your agent how to cover them.
- Cyber — Adding Cyber coverage is a smart decision to protect your digital assets — after all, what isn’t digital these days?
- Umbrella — This coverage acts like an "umbrella," protecting you when your other policies don’t. This can help protect your net worth from harm.
Treat tax time as a financial checkup. With that information, you can feel confident about what you need to protect.
This blog post is not offered, and should not be relied on, as tax advice. You should consult an accountant for advice in specific situations.