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Protecting assets low on list of Americans' prioritiesPosted On Wed, May 19, 2010
Less than half of Americans are concerned with protecting their home, according to a Country Financial survey released on Wednesday.
Even though Americans know their home is a large investment, they don't consider insuring it to be a top financial concern. Home equity represents the majority of a homeowner's net worth, and only 2 percent of homeowners believe having home insurance should be a priority, Country Financial said. Instead, people ranked being able to pay their bills, having health insurance, and saving for retirement and their children's education as more financially important.
"When it comes to financial security, protecting what you own today - your home, car and other possessions - is just as important to achieving financial security as saving for the future or paying bills every month," Keith Brannan, vice president of financial security planning for Country Financial, said. "Doing so with a professional is important in addressing your changing situation and family needs."
The survey also found that 57 percent of people review their insurance coverage annually. This should be done in order to adequately protect personal assets.
When purchasing home insurance, consumers should also take into account the natural disasters the area is prone to.
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