Guest Post – In collaboration with Lori Baker at Treloar & Heisel, our insurance partner

It’s no secret that doctors—whether physicians, dentists or veterinarians—make good money, but it can take some time to get there, after years of school and training. As you move into practice, gain experience, and build your patient base, you will see a significant increase in your income. With more income, you may begin to purchase more expensive things like a home, cars and other valuable assets.

As doctors’ wealth accumulates, their insurance needs typically become more complex because there is more to protect. Home, auto and umbrella coverage are just the beginning of things you need to consider.

What should you insure?

Here are some assets that financially successful families often insure.

Homes

Whether the owner of a brand new home or one that requires a fixer-upper attitude, it is important to protect it. Knowing the cost of replacing it in the event of a loss will allow you to choose the right coverage for your home.

Luxury and Vintage Automobiles

Almost every state in the United States requires car insurance, but do you need additional coverage for luxury or vintage vehicles? If you own a luxury car, you may have a need for Original Equipment Manufacturer parts, and auto tech specialists available to repair their vehicles according to a manufacturer’s specifications. Some European brand cars need unique repairs. Additional agreed value coverage on vehicles could be a good choice to protect your cars.

Other Valuables

Valuables need to be added to your insurance policies. If you own fine jewelry, watches, art or other collectibles, be sure to insure them. Doctors may also insure one-of-a-kind pieces, artwork, statues, even glassware, wine and spirits.

Umbrella Insurance

Umbrella insurance can be useful for almost everyone. As your assets increase, so does your liability risk. Umbrella policies can protect beyond the specified coverage limits of your auto and homeowners policies. With more income and more assets, you will likely need higher coverages.

Life Insurance

Life insurance is an important tool for safeguarding your family’s future. If your income increases, it is important to review your life insurance coverage, especially if you change your lifestyle and take on additional bills like a new car or home. Increasing your life insurance means you are ensuring your loved ones are protected in the event of your passing.

Read more: A Doctor’s Guide to Life Insurance

Disability Insurance

A higher income means your earning potential is more significant, making disability insurance even more critical. Ensure that your disability insurance coverage adequately protects your income level in case you’re unable to work due to injury or illness. Disability insurance doesn’t automatically increase with a raise, so request an increase in coverage to keep yourself and your family protected.

Read more: Guide To Disability Insurance For Doctors

Addressing Your Unique Needs

Some insurance companies are better suited than others for higher income clients. Certain insurers may have coverage options that are more aligned to the needs of those with higher income.

Treloar & Heisel works specifically with doctors, so they understand how your needs differ from other insurance shoppers.

They offer a single insurance point of contact for our clients by offering personal insurance to cover your home, secondary home, auto, jewelry & valuable articles, excess/umbrella, boat, flood & classic car insurance – don’t hesitate to contact Treloar & Heisel with any questions.

To learn more, speak with Treloar & Heisel.

For financial assistance, connect with our team.