I have been thinking more about insurance as part of my overall financial planning and resolution for this year. Not just the basics. On paper it sounds appealing, just smaller premiums coverage for specific situations but then i keep going back and forth, on whether it is a smart risk management for me.
Or I am just unnecessarily complicating things?
I am curious how you guys think about this from a personal finance perspective. Is it wise?
Has anyone use CYA insurance as a financial safety net?
byu/rodmarked inpersonalfinance
Posted by rodmarked
2 Comments
Never heard of CYA insurance specifically but honestly most niche insurance products are just companies trying to squeeze money out of you for stuff that’s already covered elsewhere or isn’t actually that risky
If you’re going back and forth this much it’s probably not essential – stick with the big 3 (health, auto, renters/homeowners) and maybe disability if your job doesn’t cover it. Everything else is usually just overcomplicating things like you said
When you say CYA insurance do you mean cover your ass? Like umbrella insurance?
Sure, some people have umbrella plans. Umbrella plans are generally good ideas for people with a high net worth and multiple assets or properties. I’m not that guy. Are you that guy?
My auto and homeowners insurance with an additional liability rider suit me just fine for my normal little life.