Bank deposits are covered by the Federal Deposit Insurance Corporation (FDIC), which guarantees bank account balances of up to $100,000 in a single bank ($200,000 for joint accounts). If you have accounts in more than one bank, each account is covered by those limits. FDIC protects IRAs kept in bank accounts up to $250,000.

Make sure that any other investments through stockbrokers or other financial service firms are insured by the Securities Investor Protection Corporation (SIPC). SIPC protects the assets in your investment account from losses due to a financial services firm's bankruptcy, but it does not protect you from losses due to stock market declines. SIPC covers up $500,000 per customer, including up to $100,000 for money market funds.

With the failure of giant insurer AIG, many homeowners are concerned about the status of their life insurance and/or annuities. Life insurance policies are insured by each state's guaranty association. Typical coverage is $100,000 in cash surrender or withdrawal value for life insurance and $100,000 in withdrawal and cash values for annuities.

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