Affluent families and individuals often have so many things on their plate, that it's easy to overlook issues with one of their largest assets: their homes. And since our homes are important to our financial security, as well as our personal sense of stability with everything going on in the world right now, we need to make sure we're taking the proper precautions to mitigate any levels of risk.

In the latest installment of Optimizing Your Financial World, Mark and Ryan identify the five biggest mistakes affluent homeowners are making today.

From failing to have enough liability insurance, to failing to adequately address a home's unique features or construction, this episode is bound to leave you with some key takeaways to consider with your own home!

Timecodes:

0:06 - Overview on the topic of the day

1:14 - Why people should be conducting a financial check up on their home

3:16 - The five biggest mistakes affluent homeowners are making

4:38 - Not having enough liability insurance

6:15 - How to tell if someone has a lack of adequate coverage

7:15 - The insurance-related pitfalls to avoid for someone owning multiple homes

8:20 - Listing trusts or LLC's on a homeowners insurance policy

9:53 - Addressing your home's unique architecture or construction materials

10:58 - Get your high-value items insured as well!

13:04 - Mark provides an example of a client that didn't properly insure a high-value piece of art

15:34 - The next steps someone should take to mitigate any of these risks

16:46 - How a wealth manager could assist in this process

18:05 - How to get in touch with Mark's team to discuss this topic further

18:55 - Closing remarks

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