Homeowners
- Rebuild estimate: confirm when it was updated, whether renovations are included, and what replacement-cost provisions require.
- Deductibles: check separate wind, hail, hurricane, or other deductibles where applicable, including percentage-based amounts.
- Flood and earthquake: identify exclusions and any separate policies or endorsements.
- Water backup and service lines: confirm whether covered and compare limits, exclusions, and deductibles.
- Valuables: review category limits, covered causes of loss, valuation, and scheduled items.
- Use and ownership: disclose business or rental activity and confirm the treatment of trusts, LLCs, and other interests.
Auto
- Liability: compare limits with household exposures and any umbrella requirements.
- UM/UIM: review uninsured and underinsured motorist coverage, available limits, covered people, and state-specific terms.
- Deductibles and gap coverage: compare accessible reserves and any loan or lease balance with the policy's settlement rules.
- Drivers and use: confirm how household members are covered, rated, or excluded, including young drivers and business use.
Umbrella
- Coverage and limit: determine whether an umbrella is in force and how the chosen limit relates to the household's exposures.
- Underlying requirements: compare each policy with the umbrella schedule. Ask how any shortfall would be treated.
- People and property: confirm rentals, vehicles, watercraft, trusts, and entities are treated appropriately across the policies.
- Exclusions: review business activity, board service, and other relevant restrictions.
- Excess UM/UIM: check separately whether additional coverage is available and included.
Net worth is an input to a limit discussion, not an automatic minimum. Legal counsel should assess applicable asset protections and exposure to judgments.
Revisit the review after changes
Use renewal as a regular checkpoint. Revisit earlier after a renovation, a new driver, rental conversion, valuable purchase, board role, liquidity event, or retitling. Ask the insurer how the changed facts affect coverage before relying on an existing policy.
Keep claims records and follow notice requirements
Claims history can affect underwriting and pricing. C.L.U.E. reports include up to seven years of home and auto claims information; clients can request their report and dispute errors. Review deductibles and available reserves before a loss, but do not delay required claim notice or assume a small claim should go unreported.
The result of a review should identify confirmed coverage, questions needing policy or carrier confirmation, and possible changes. An adequate existing policy may stay in place.
Further reading: NAIC homeowners guidance and CFPB guidance on C.L.U.E. reports.
