Private Client Article
Has your insurance kept pace with your wealth?
A new home, a growing collection, or a business sale can change the insurance questions worth asking.
Your financial life can change significantly while your insurance continues to renew on familiar terms. A program that suited an earlier stage of life may deserve a closer look after a major purchase or financial milestone.
Start the review with what has changed: the assets you own, how you use them, and the responsibilities that come with them.
Take stock of new assets
A second home, jewelry, art, or another collection can introduce questions that your existing policies do not fully address. Share new purchases and updated valuations with your insurance team, and review how the proposed coverage applies to them.
Location matters, too. A waterfront home or a property in an area exposed to wildfire brings different considerations from your primary residence. Discuss those details before assuming that the same insurance approach will fit both.
Review liability coverage as a connected program
An umbrella policy should be reviewed alongside the home, auto, and other policies that support it. Check the underlying liability limits required by the umbrella and whether your policies meet those requirements.
A mismatch can leave you responsible for an amount you expected insurance to address, depending on the policy wording and circumstances. Ask your team to explain the relationship between the policies, rather than reviewing each limit in isolation.
Use financial milestones as a reason to revisit coverage
A business sale, equity vesting, retirement, or another significant financial event is a useful time to revisit your insurance. You do not have to wait until renewal to begin that conversation.
The review should consider the whole program. Changing one limit may address the question that prompted the discussion, while leaving other changes in your life unexamined.
Read how a retirement review led to changes across a couple’s insurance program.
Has your financial life changed since your last insurance review? Talk with our Private Client team about how your coverage fits today.