Updated 12/1/2023

A client’s property and casualty insurance policies are a key part of their overall financial plan. It’s important to review these policies each year to ensure that your client has the coverage they need. If there are gaps, you can work with your client to implement proper coverage

In this checklist we focus on issues to consider when reviewing your client’s policies, including:

Real Estate/Property Insurance

• Did the client buy or sell a primary residence or vacation property? It’s important to review their coverage, and perhaps their insurer, in order to ensure that the policies cover an adequate amount of the property’s replacement value.
• Has the client made substantial improvements to the property or has the property appreciated significantly in value? They need to be sure that their coverage keeps up with any increases in the value of the property.

Auto Insurance

• The client should review their 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 the client owns personal property with a value that 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.

Click here for a client-facing email template.