Americans Should Protect What They Already Own

Purchasing the appropriate insurance coverage can significantly relieve the financial burden faced by consumers following an accident or natural disaster.

However, most consumers do not list this coverage among their top financial concerns, according to a recent survey by one major life, home and auto insurance company. Fifty-eight percent said paying bills on time was their top priority, followed by saving for retirement and purchasing enough health insurance.

Still, homeowners and auto insurance may be necessary following a theft or other unexpected event. Consumers should review said policies, according to the report, to make sure that they protect against disasters like floods or earthquakes, injuries on their property and loss of expensive possessions.

"When it comes to financial security, protecting what you own today - your home, car and other possessions - is just as important to achieving financial security as saving for the future or paying bills every month," Keith Brannan, vice president of financial security planning for the insurer, said.

Experts advise consumers to purchase enough homeowners insurance to cover the costs it would take to replace their property, which is often higher than its market price.