A recent front page article in the Cleveland Plain Dealer reminded me of what most of us already know – housing prices are finally rising across the country. Your home is often one of your most valuable (or certainly one of your most important) assets. And you should take whatever steps you reasonably can to protect it. Rising home prices are a reminder:
To check your casualty and liability insurance policies to be sure that you have sufficient coverage.
That so called homestead exemptions may not adequately protect your home. Homestead exemptions vary drastically from state to state. Ohio currently has a $125,000 exemption (which essentially translates to $250,000 for a married couple). Some states are higher; some are lower. If your home value rises higher than the applicable state homestead exemption, you may want to consider other ways to protect it.
Rising home prices are also a reminder that asset protection is an on-going process. Changing times and circumstances require a periodic review of your overall asset protection plan.