A client’s property and casualty insurance policies are a key part of their overall financial plan. It’s important to ensure that these policies are reviewed each year to ensure that your client has the coverage they need. If there are gaps you can work with them to fill these gaps.
In this checklist we focus on items to review your client’s policies. Some examples include the following:
Real estate/property insurance
- Did the client buy or sell a primary residence or vacation property? Its important review their coverage and perhaps their insurer. They will also want to ensure that the policies cover an adequate amount of the property’s replacement value.
- Have the clients made substantial improvements in the property or has the property appreciated significantly in value? They need to be sure their coverage keeps up with any increases in the value of the property.
- The client should review their coverage for things like collision and comprehensive coverage. Depending upon the age of the vehicle and other factors they may want to make some adjustments.
- Are the client’s children now of driving age? If so, they need to be sure that the children are covered as drivers and that their liability limits are adequate.
Personal property and umbrella insurance
- If they have personal property whose value exceeds the ordinary policy limits, they may need to schedule these items to ensure coverage.
- If the client needs additional liability coverage over and above what their homeowner’s policy offers, they may need an umbrella policy.
This is a comprehensive checklist of the types of issues that advisors should be discussing with their clients when reviewing their property and casualty insurance policies. These types of policies play a key part in their overall financial planning and in protecting their family’s assets from losses of all magnitudes.