When was the last time you took a look at your insurance policies?
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.
The opinions and positions expressed are the authors’ own and not those of Chubb. The information and/ or data provided herein is for informational purposes only and is not a substitute for professional advice. Insurance coverage is subject to the language of the policies as issued.