If you’re like the majority of folks, probably not very recently. Unfortunately, this could mean that your finances are not as protected as you may believe. Consider the fact that, over time, your wealth slowly builds, and properties and non-financial assets are accrued. As a result, your insurance coverage may need changes, and what worked last year might not work this year.
Avoid gaps in coverage—be it valuation, replacement cost, appraisal or cap gaps—by starting off the new year with a conversation with your insurance agent or broker. Advising them of your financial goals for the year ahead, as well as what might be changing from the last 12 months, can make all the difference.
Curious how to start the conversation? Here’s what you need to know: https://www.thinkadvisor.com/sites/thinkadvisor/2018/01/01/an-often-missing-dimension/
Fran O’Brien is Division President, North America Personal Risk Services at Chubb.