Posted by Joe Wride
Your property and casualty insurance policies are a key part of your overall financial plan. It’s important to review these policies each year to ensure that you have the coverage you need. If there are gaps, you can work with your insurance professional to implement proper coverage
In this checklist we focus on issues to consider when reviewing your policies, including:
Real Estate/Property Insurance
- Did you buy or sell a primary residence or vacation property? It’s important to review your coverage, and perhaps insurer,in order to ensure that the policies cover an adequate amount of the property’s replacement value.
- Have you made substantial improvements to the property or has the property appreciated significantly in value? You need to be sure that the coverage keeps up with any increases in the value of the property.
- You should review your collision and comprehensive coverage. Depending upon the age of the vehicle and other factors, you may want to make some adjustments.
- Are your children now of driving age? If so, you need to be sure that the children are covered as drivers and that liability limits are adequate.
Personal Property and Umbrella Insurance
- If you own personal property with a value that exceeds the ordinary policy limits, you may need to schedule these items to ensure coverage.
- If you need additional liability coverage over and above what your homeowner’s policy offers, you may need an umbrella policy.
This is a comprehensive checklist of the types of issues that you should talk with your advisor about when reviewing property and casualty insurance policies. These types of policies play a key part in your overall financial planning and in protecting your family’s assets from losses of all magnitudes.