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I’m told my brokerage account is insured by SIPC. What is that and what protections does it offer?
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The Securities Investor Protection Corp., as many unfortunate investors have found out, does not insure you against losses in the market. There’s no insurance against fraud, either.
Only when a brokerage firm closes due to bankruptcy or other “financial difficulties” does SIPC step in to try to recover missing stocks, bonds or cash. It covers up to $500,000 in securities and $100,000 in cash.

Some brokerages have purchased private insurance for more than the SIPC limits, so check with your broker.

But if your brokerage does go under, be aware that SIPC doesn’t work as swiftly as the Federal Deposit Insurance Corp. And it doesn’t cover everything. Commodity futures and currencies, for example, are not covered.

Although it was started by Congress, SIPC is not a federal agency, and it is not a regulator. It is funded by its members, who are broker-dealers. For more info, go to www.sipc.org.