TIP Insurance is the first line of defense when protecting assets The proper use of asset protection strategies is this second line of defense

But to the contrary, I believe that insurance is the first line of defense when protecting assets. Many insurance companies are forthright in their dealings and will honor their coverage commitments. Others, with the help of a legal nudge, will do the right thing. So I always advocate the reasonable use of insurance as a protection strategy. However, because we know that a certain percentage of insurance companies will use exclusions and find reasons not to cover you, you most certainly need another defense mechanism. The proper use of asset protection strategies is this second line of defense. As we will learn in this section, asset protection is not difficult or expensive, but it is required if you are to succeed at building real estate wealth.

Now that we know that insurance alone will not completely protect us, let's review further ways to not protect your real estate before we get to the promised land of beneficial strategies in later rules.

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