If you’re like most policy holders, it has probably been a while. If you take a look at the details of your policy today, you might be surprised at what’s covered and what’s not.
This is especially important for successful individuals and families, as many may have inadequate existing coverage or lack coverage entirely. If a catastrophic event were to occur involving your home, you could be paying out of pocket if the expenses exceed policy limits.
You want to beware of gaps in coverage—appraisal or cap gaps, overall valuation, or replacement costs—and take steps to close them to avoid having to dig into your investment accounts should something happen. Set up a time to talk to both your insurance agent or broker and your financial advisor. Letting them know what has changed—and what will be changing in the future—is critical to your financial security.
Unsure about what needs to be in the conversation? This might help:
Additional resources are available at chubb.com/financialadvisor
Fran O’Brien is Division President, North America Personal Risk Services at Chubb.