Personal Insurance Issues

Personal Insurance Issues

Homeowners

1. Does the insurance on your house reflect the replacement cost? Who determined the policy amount? Is a Homeowners 5 or equivalent policy form used?

2. Are your contents insured on a replacement cost basis? Is the coverage limit adequate? (Normally, policies provide only 50 to 75 percent of building value.)

3. What kind of inventory do you have? WrittenÐ'-good; picturesÐ'-better; videoÐ'-best; noneÐ'-expect to collect 75 percent of your real loss.

4. Do you own a: computer; boat; recreation vehicle; trailer; cottage; detached building; collection(s); vacant land? Separate amounts of coverage need to be reviewed.

5. Do you have a personal Umbrella policy of at least $2 million? Preferably $5 million.

6. Do any of your policies exclude punitive damages?

7. Do any of your policies exclude vicarious liability?

8. Is any portion of your property rented to others for living or storage?

9. Are students living away from home? Do they need to purchase a Renter's policy?

10. Do you have a master gemologist (GIA) appraisal of your jewelry?

11. Is any business conducted out of your home on a regular basis?

12. Have you read the exclusions/limitations in your policy?

13. Does your policy have a Sewer Backup endorsement?

14. Does your policy have an Identity Theft endorsement?

Auto

1. Do you have automobile limits of at least $500,000 combined single limit? Does it include Uninsured