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December 25th, 2009 
admin Insurance laws may vary widely from state to state, different kinds of property require
specialized coverage, and collections of art, antique cars, and other unique items may be difficult to protect fully. Meanwhile, serving on a nonprofit’s board could subject you to additional personal liability.
Rather, it’s important to review all of your needs, consider specialized policies or policy options, and coordinate your coverage with other aspects of your financial situation. Here are 6 different shortcomings that could prove costly.
First, Failing to get frequent policy reviews and updates. Your financial life isn’t static, and neither are your insurance needs. The value of a collection may increase; extensive home renovations could mean a sharp rise in the value of your property; and the re titling of assets as part of your estate plan—or because of divorce, a death in the family, or the birth of a child—could necessitate policy changes.
Second, Leaving gaps in homeowner’s coverage. Any homeowner needs to review coverage regularly to keep up with rising replacement costs. But insuring different kinds of homes in different locales poses extra challenges. If you buy insurance from more than one carrier, you may face contrasting rules, limitations, and policy renewal dates.
Third, Forgetting to insure household employees. When someone works for you or your family, as a nanny, landscaper, personal assistant, or in another role, you could be liable for medical expenses and lost wages if the worker is hurt on the job.
Fourth, Neglecting your liability as a board member. Excess liability coverage could help protect you if you’re sued as a director of a nonprofit’s board. Or for more comprehensive protection, you may want to consider special directors and officers’ liability insurance.
Fifth, under insuring art and collectibles. Standard homeowner’s policies limit coverage for the losses of antiques, furs, and other valuables. And while you could schedule additional coverage, insuring the real value of a collection of contemporary art or vintage muscle cars likely will require a specialized policy addressing several critical issues.
The Last, Ignoring properties unique characteristics. Standard homeowners coverage won’t pay for the materials and craftsmanship needed to rebuild that 19th century showplace you’ve painstakingly restored. Meanwhile, city co-ops or condos may need policies tailored to their buildings or associations coverage.
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