A Quick Fix for Identifying Property Insurance Coverage Gaps
The best way to identify and overcome potential insurance gaps is to set an annual coverage review with your insurance agent/broker to help ensure that your building property and all of its contents are protected in the event of a disaster.
Every property, home, and business owner has a unique situation that indicates the need for specialized insurance coverage. Here are some crucial items to consider before and during your annual coverage review:
Your property’s location
Depending on where a property is located – it is susceptible to different types of weather, risks, and exposures. Is your property susceptible to floods and earthquakes? These two items are specifically excluded from a standard property insurance policy. These are just two examples that can surprise property owners in the aftermath of a disaster – so it is important to discuss your individual exposures with your agent/broker and to ensure adequate coverage.
The type of property
Commercial buildings will have a different set of insurance coverage risks in comparison to residential buildings. For example, a commercial policyholder would want to take into consideration the effects of a major supplier or customer being damaged by a disaster impacting their own revenues. A residential property owner may have to consider how their swimming pool or trampoline affects their coverage. Condos and apartments also have a different set of rules, exclusions, and coverages that are important to understand as a policyholder.
Changes to property within the last year
The fundamental reason for meeting with your agent/broker on a yearly basis is to assess any changes made to your property that would affect its value. These changes can include renovations and even the purchase of high-priced items or valuables such as artwork, appliances, and electronics – that you would also want covered adequately in the event of a loss.
Failing to update the policy with these changes can leave the policyholder vastly underinsured and settling for an inadequate amount in the event of a property damage insurance claim.
Understanding your property’s unique risks and also understanding the true value of your property will help you to closing your insurance gaps. Contact your insurance agent/broker to set up an annual review process to get your insurance policy on track and give you peace of mind.
Scott deLuise, President & CEO at Adjusters International/Matrix Business Consulting discusses coverage options for commercial policyholders:
For additional information, visit:
- “3 Things Excluded From Your Standard Insurance Policy”
- “Operating a Business From Home? Better Ask a Few Questions!”
- “Renovations & Remodeling Underway? Check Your Insurance Policy First”
- “Standard Homeowner’s Policies Limit Coverage on Your Valuables – Jewelry, Firearms, Collectibles, etc.”
If you’re suffering from a property damage loss, we can help. Contact us today at 800.382.2468.