There are various strategies to help protect personal assets and wealth.
23. Property and liability insurance protect against risks associated with use of property.
Insurance can be used to help defer personal liability and the loss of personal assets. Loss can be minimized by the use of a comprehensive insurance plan that covers property loss and personal liability against outside claims.
There are different types of insurance that cover specific kinds of losses (e.g., property and casualty, flood, comprehensive liability).
Expectations for Learning
Explain the differences between property and liability insurance and how each protects the owner against potential loss.