If insurance risk analysis is not yet a part of your personal wealth management plan, you are likely exposing yourself to unnecessary peril.

In Utah, Divergent Wealth Advisors offers individual analysis of personal risk as a part of our overall personal wealth management services. If we identify specific areas of risk, we can work with your independent insurance broker or recommend one to help you address these needs.

What Is Insurance Risk Analysis?

When analyzing your personal insurance risk, our Certified Financial Planners™ will consider a variety of factors, many of which you may not have considered.

For example, we will explore your purchasing habits, travel patterns and other risk factors to determine if you may face an increased threat of identity theft. We will consider the potential for liability exposure based on your personal and professional duties and obligations. We will also evaluate the value and security of your personal residence.

In addition to property and casualty coverages, we will evaluate your heath, life and disability insurance risks. For example, how would your family manage financially if you suddenly became disabled or died unexpectedly? Other types of risks include natural disasters, legal liability and other possible hazards unique to your lifestyle or industry.

Insurance Risk Analysis - couple having discussion

When Do Utah Investors Need an Insurance Risk Analysis?

We recommend having a risk analysis at least once each year. In addition, we prefer to discuss changes in risk level with our investor clients each time you undergo a significant life change — get married or divorced, have a child, buy property, change jobs, etc.

Another trigger for requesting an analysis of your financial exposure is any significant market shift. For example, if property values in your area undergo a major shift up or down, you may need to adjust coverages. If you purchase any physical assets, particularly those of value — art, jewelry, firearms, etc. — you may need to speak with your financial advisor.

How Can Risk Analysis Benefit Your Personal Wealth Management?

The most important benefit of analyzing your insurance risk is that it provides an extra layer of protection for your portfolio and assets.

Insurance not only protects your belongings, but it also protects you against legal liability. Legal liability is one of the most potentially devastating threats to your financial well-being, and if you do not take care to insure around this type of risk, you might easily lose some or all your assets to a single lawsuit.

An important part of managing your personal wealth portfolio includes preserving and protecting your assets. In Utah, Divergent Wealth Advisors is proud to offer a comprehensive suite of services designed to help you grow your wealth and reach your goals. Contact us today to learn how a personal insurance risk analysis can benefit you.