It may seem like nearly everything can be insured, so knowing whether you have too much insurance—or not enough—can be difficult. Jeff Wuoriov of MSN Money suggests simplifying this process by thinking about insuring just two things: your life and your stuff.

Life Insurance

Life insurance is important for your family if something happens to you. Funeral and burial expenses are just the beginning. Think about how much your family has to have to maintain their current standard of living. Then compare term insurance and whole life insurance policies. Your employer may offer basic insurance that you can add to over time. You should also speak to your Nationwide agent to figure out what coverage fits your situation.

Homeowners, Renters and Auto Insurance

The rationale behind carrying insurance on expensive assets is the ability to replace them if they are destroyed.

If you own a home and have a mortgage, homeowners insurance is mandatory and is often built into your monthly payments. Ask your Nationwide agent about adding guaranteed replacement coverage. Also ask about flood or earthquake coverage if your home is in an area that may be affected by these events.

If you rent, ask your Nationwide agent to go over the assumptions in your policy with you. As you “trade up” for nice things through the years, you may need to increase your coverage.

You are required to carry automobile insurance in most states. Liability protection is a must. If you have a motorcycle, boat, ATV or other motorized equipment, talk to your Nationwide agent about putting all of your policies together.

Products underwritten by Nationwide Mutual Insurance Company and Affiliated Companies. Home Office: Columbus, OH 43215. Subject to underwriting guidelines, review, and approval. Products and discounts not available to all persons in all states. Nationwide, the Nationwide N and Eagle, and Nationwide is on your side are service marks of Nationwide Mutual Insurance Company. © 2018 Nationwide.

Insurance terms, definitions and explanations are intended for informational purposes only and do not in any way replace or modify the definitions and information contained in individual insurance contracts, policies or declaration pages, which are controlling. Such terms and availability may vary by state and exclusions may apply. Underwritten by Veterinary Pet Insurance Company (CA), Columbus, OH, an A.M. Best A+ rated company (2017); National Casualty Company (all other states), Columbus, OH, an A.M. Best A+ rated company (2017). Agency of Record: DVM Insurance Agency. Nationwide, the Nationwide N and Eagle, and Nationwide is on your side are service marks of Nationwide Mutual Insurance Company. ©2018 Nationwide.