You're probably under-insured| Dave Ramsey – InsuranceNewsNet

InsuranceNewsNet — Your Industry. One Source.™

Sign in
  • Subscribe
  • About
  • Advertise
  • Contact
Home Now reading Newswires
Topics
    • Life Insurance News
    • Annuity News
    • Health/Employee Benefits
    • Property and Casualty
    • Advisor News
    • Washington Wire
    • Regulation News
    • Sponsored Articles
    • Monthly Focus
  • INN Exclusives
  • NewsWires
  • Magazine
  • Webinars
  • Free Newsletters
Sign in or register to be an INNsider.
  • Exclusives
  • NewsWires
  • Magazine
  • Webinars
  • Free Newsletters
  • Insider Pro
  • About
  • Advertise
  • Editorial Staff
  • Contact
  • Newsletters

Get Social

  • Facebook
  • Twitter
  • LinkedIn
Newswires
Newswires RSS Get our newsletter
Order Prints
June 10, 2022 Newswires No comments
Share
Share
Tweet
Email

You're probably under-insured| Dave Ramsey

Knoxville News-Sentinel (TN)

My wife and I are on Baby Step 3, and we were talking the other day about how our home, travel trailer and cars have appreciated recently. Everything is paid for except the home, but we were wondering if we should increase the amount of insurance coverage on these items since they have skyrocketed in value.

A: Yes! And you should make it a habit to review all your insurance coverage once a year.

With most homeowners insurance policies you have a stated amount of coverage. Some policies have a "cheat" that allows you an extra 5% or 10%, maybe even 20% in some cases. But if you've got a $300,000 policy on a house you bought five years ago, and it has appreciated to $450,000 then burns to the ground, you're screwed. The only thing dumber than not having enough insurance to replace belongings like that is having no insurance at all.

Related stories

  • Medline and MDHearing partner to offer consumers over-the-counter hearing aids
  • MassMutual named to 2023 FORTUNE World's Most Admired Company list

Lots of times, in the old days, if you bought a car or homeowners policy, it covered your car or home regardless — even if they had gone up in value. Then, when some insurance companies got absolutely hammered after some events like Hurricane Katrina, they stopped doing that. They stopped covering actual replacement value, and started covering only the specified amount on the policy. Today, it can be tough to even find replacement value coverage on houses. And if you do, it's crazy expensive.

When it comes to your home especially, you need to have a policy equal to the value of the home, and you should revisit your coverage and your home's value every single year. You have to be vigilant about things like that, Dale, because your insurance company won't be!

More from Dave Ramsey: Mom-to-be should keep working if she wants to. No judgment!

Advice to empty-nesters: Don't wait for housing prices to fall

Don't move in with the in-laws; get rid of that insane car debt!

Dave Ramsey is an eight-time #1 national best-selling author, personal finance expert, and host of The Ramsey Show, heard by more than 18 million listeners each week. He has appeared on Good Morning America, CBS This Morning, Today Show, Fox News, CNN, Fox Business, and many more. Since 1992, Dave has helped people take control of their money, build wealth and enhance their lives. He also serves as CEO for Ramsey Solutions.

Older

Supporting Maine families in the Legislature

Newer

Police Report

Advisor News

  • 1 in 3 Americans struggling financially but goal-setting is a game-changer
  • Advisors bet on US stocks to outperform in 2023 amid tech rebound
  • Investors want more ESG information from companies
  • Fed slows rate hikes even as Powell says there’s more work to do
  • 12 ways SECURE 2.0 can benefit your clients
More Advisor News

Annuity News

  • Study: Does pessimism really suppress annuity sales?
  • Sweet streams of income: ChatGPT, the bard of annuities
  • F&G Annuities & Life announces equity investment in life IMO SYNCIS
  • Investors scrambling to lock in rates propel annuity sales to record highs
  • North American and Annexus launch new fixed index annuity
Sponsor
More Annuity News

Health/Employee Benefits News

  • Medicare Advantage plans denied 6% of prior authorization requests in 2021
  • Hawley wants to shield Social Security, Medicare from debt ceiling talks. Experts say it won’t work
  • What’s new for Medicare in 2023?
  • Utah physician charged in alleged fraudulent COVID vaccine scheme
  • Ohio physician pleads guilty to illegally prescribing opiods, healthcare fraud
More Health/Employee Benefits News

Life Insurance News

  • Equitable expands portfolio in VUL market
  • New date set for billionaire suspect accused of bribing state cabinet member
  • House approves bill protecting life insurance payouts from bankruptcy
  • NAIFA’s Future Leaders Program offers free sessions for students
  • Scott Boutin named president of Standard Security Life
More Life Insurance News
The time is 05:06:11pm test

- Presented By -

Top Read Stories

  • Chicago news roundup: PPP fraud uncovered in Chicago, informant reveals $100K bounty on FBG Duck and more
  • 25 people charged in fake nursing diploma operation
  • Retirement plans take center stage in the war for hiring talent
  • Gov. Carney: Enrollment on Delaware's Health Insurance Marketplace for 2023 Reaches All-Time High
  • Missouri Department of Insurance: Over $24 Million Returned To Missouri Insurance Consumers In 2022
More Top Read Stories >

FEATURED OFFERS

Meet Encova Life
We know agents matter. You can count on our life team to be high tech, high touch and responsive.

How to Write For InsuranceNewsNet

Find out how you can submit content for publishing on our website.
View Guidelines

Topics

  • Life Insurance News
  • Annuity News
  • Health/Employee Benefits
  • Property and Casualty
  • Advisor News
  • Washington Wire
  • Regulation News
  • Sponsored Articles
  • Monthly Focus

Top Sections

  • Life Insurance News
  • Annuity News
  • Health/Employee Benefits News
  • Property and Casualty News
  • AdvisorNews
  • Washington Wire
  • Insurance Webinars

Our Company

  • About
  • Editorial Staff
  • Magazine
  • Write for INN
  • Advertise
  • Contact

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.

select Newsletter Options
Facebook Linkedin Twitter
© 2023 InsuranceNewsNet.com, Inc. All rights reserved.
  • Terms & Conditions
  • Privacy Policy
  • AdvisorNews

Sign in with your Insider Pro Account

Not registered? Become an Insider Pro.