What Insurances Might You Need As Your Income Increases?
By Lori Baker
One of the great things about choosing to practice dentistry is that – yes, after many years of a costly education – the day will come when you finally start making money. As you gain experience, build your patient base, or pursue a specialty, your income may increase significantly. You will go from living a student lifestyle to a more established lifestyle: purchasing a home, car(s), and acquiring other assets of value. You may also grow your family, bringing with it the responsibilities of caring and providing for your loved ones.
From the decades that we have spent assisting dental professionals on matters of personal and business finance, we know that as our clients’ wealth accumulates their insurance profile becomes more complex. As your wealth increases, so does your need for protecting it. Home, auto, and ‘umbrella’ coverage are just the beginning.
What do people insure?
I thought I’d share with you some examples of what we have seen financially successful families insure.
Homes
New and older custom homes with custom cabinetry, flooring, wall coverings, woodwork, and finishes. Whether you purchase a home that is already in perfect condition, or you choose to renovate and add your own customization – you need to consider what it would cost to replace in the event of a loss.
Valuable Articles and Collections
Valuables need to be added to policies. If you own fine jewelry or watches, remember to insure them. The same goes for art or other collectibles. We frequently see clients insure one-of-a-kind pieces, artwork, statues, even glassware, wine and spirits.
Luxury and Vintage Automobiles
It goes without saying that everyone needs to have car insurance. However, when you purchase luxury automobiles or antiques, you may need specialty coverage. We see clients who have a need for OEM (Original Equipment Manufacturer) parts, and auto tech specialists available to repair their vehicles according to a manufacturer’s specifications. Some European brand cars are complex and need unique repairs. Some insurance providers allow for optional agreed value coverage on vehicles.
Umbrella Insurance
Virtually everyone should consider obtaining an umbrella policy. The fact is that as your assets increase, so does your liability risk. Umbrella insurance is coverage that goes beyond the specified coverage limits of your auto and homeowners policies. Wealthier clients often need higher coverages, and there are insurance companies that offer these higher levels of protection.
How To Protect Your Valuables
After years of living a student lifestyle, it may feel like the easiest and most cost-effective thing to do is to go through the process of buying insurance without the help of a guiding professional – how difficult could it possibly be? But how do you know what to buy, how much coverage to get, and what the differences are between one sort of coverage and another? Not all insurance is created alike.
Specialty Needs Require Specialty Insurers
Also, some insurance companies are better suited than others for higher income clients: they may have products that are more aligned to the needs of those with multiple homes, multiple vehicles, collectibles, and art. Some companies offer complimentary loss prevention advice to secure valuables before major disasters such as wildfires, earthquake, and hurricanes. They may even have dedicated in-house teams and collection specialists. We realize that policies like this aren’t a fit for everyone but have found that more established doctors do find value in products like these.
We offer a single insurance point of contact for our clients by offering personal insurance through Treloar & Heisel. Whether you are in the market for a home, secondary home, auto, jewelry & valuable articles, excess/umbrella, boat, flood & classic car insurance – don’t hesitate to contact us with any questions.
We are here to help.
About Treloar & Heisel
Treloar & Heisel, an EPIC Company, offers dental and medical professionals a comprehensive suite of financial products and services ranging from business and personal insurance to wealth management. We are proud to assist thousands of clients from residency to practice and through retirement. Our experienced teams deliver custom-tailored advice through an active local presence, while our strong national network ensures that clients experience the same high level of service throughout the country. For more information visit us at www.treloaronline.com
Lori Baker is Account Executive: Personal Lines
Email: lbaker@th-online.net
Phone: (724) 698-1423
Treloar & Heisel
www.treloaronline.com
CA Ins Lic. #0M98410
AR Ins Lic. #8929907
TH-23-005