Michael J Porro & Company

Financial Advisors, LLC

180 Old Tappan Road, Old Tappan, NJ 07675-7052

Phone: 201-768-0218

Fax: 201-768-6487

Website: porrofinancialadvisors.com

May/June 2018

Time for an Insurance Audit

Summer’s around the corner and wind, rain and firestorms will follow. Even if you understand the need for protection like property and health insurance, you may find yourself uninsured or underinsured for certain events.

Natural Disasters

Start with flood insurance. If you live in a flood plain, this is a necessity. If you don’t, you may still need the coverage. According to the Federal Emergency Management Agency (FEMA), more than 20% of flood claims come from properties outside the high-risk flood zone.


If you live in an area prone to damaging windstorms like hurricanes and tornadoes, you may need coverage that’s additional to property insurance. The same is true for earthquake zones, where you may have to buy separate insurance for this peril. Also consider carrying general liability and property insurance for general risks around your home, and use umbrella insurance to fill coverage gaps. Talk to your agent to see if you’re fully insured.

Personal Insurance

Next, consider your current personal insurance and learn if it is too little, too much or non-existent. Start with disability income (DI) insurance. The younger you are, the more likely it is that you’ll become disabled for a period of time than that you’ll die. If you couldn’t live without your income, you probably need DI insurance. If DI is offered through work, consider buying it.
Life Insurance

If your family has grown or added goals, such as a child’s college education, you may find you need more life insurance. Conversely, if your financial obligations have lessened as you age, you may learn you don’t need all the life insurance you presently own. Talk to a financial professional to learn more.


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Michael J Porro & Company and LTM Client Marketing, Inc. are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.

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