Welcome to the Stay Wealthy podcast.

I'm your host Taylor Schulte.

And today I'm going to be sharing just about everything you need to know about your

auto and home insurance policies, which are also commonly referred to as P&C

insurance, standing for property and casualty.

Specifically, I'm going to be sharing three things today.

Number one, how to optimize your policies by improving your coverage and also reducing your

out-of-pocket costs.

Number two, I'm going to be sharing some common pitfalls and how to avoid them.

And then number three, where to shop for insurance to make sure you're getting the best

deal without putting yourself at too much risk.

For all the resources and links mentioned in this episode, visit you staywealthy.com forward slash 46. All right,

let's dive in. I want to first address how I personally think about insurance just to kind of

help lay the foundation for the rest of this episode. Insurance, in my

opinion, should be used to protect us against big financial losses. So disability insurance,

which I talked about in episode 44, is a great example of this. Our future earning power,

if you're still working, our future earning power, depending on still working our future earning power depending on the

stage of life that we're in it can be our largest asset the money we're going to make in the future

can be a big asset and so we want to protect that asset now in regards to auto insurance if we cause

a car accident and injure a neurosurgeon who can't work and support her family anymore,

that's a big deal. We want to protect ourselves against that and our nest egg if something

like that were to happen. For something like homeowners insurance, a flood or an earthquake

...