5 Elements of a good portfolio

A good risk and insurance plan has the following characteristics:

1. It’s customized.  Along many points of your insurance portfolio you should be able to point to them and say “yeah, that was made for me and my situation”.
2. There’s an advocate.  Sometime you’ll need someone who will argue on your behalf with an underwriter who won’t give you coverage, an insurance company who won’t adjust a premium, a claims adjuster who won’t see your side, a mortgage company who won’t accept your policy, or some other agent who’s trying to sell you something that benefits them and not you.
3. It’s flexible.  You likely don’t have the same insurance needs as you did 10 years ago, so your insurance portfolio needs to be able to pick up the pace to keep up.
4. It’s frequently reviewed.  Dusty insurance portfolios are dangerous portfolios.
5. You understand it.  If the reason for building a firewall with insurance is to give you freedom to use your capital for other things, then it’s hard to imagine you feeling peace of mind if you don’t understand what it does, how it will work, and why you bought it in the first place.

We consider it our responsibility to be sure that these 5 elements are included with every portfolio we design, no matter what the plan ultimately looks like.

Photo:  University of Montana, Missoula