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ALWAYS CONSULT YOUR INVESTMENT PROFESSIONAL BEFORE MAKING ANY INVESTMENT DECISION

July 27, 2015 | Property Insurance Refresher

Adrian Mastracci

Adrian Mastracci, Discretionary Portfolio Manager, B.E.E., MBA. My expertise in the investment and financial advisory profession began in 1972. I graduated with the Bachelor of Electrical Engineering from General Motors Institute in 1971. I then attended the University of British Columbia, graduating with the MBA in 1972. I have attained the “Discretionary Portfolio Manager” professional designation. I am committed to offering clients the highest standard of personal service by providing prompt, courteous and professional attention. My advice is objective, unbiased and without conflicts of interest. I’m part of a team that delivers comprehensive services and best value in managing client wealth.

Investors periodically pay attention to their portfolios, especially during volatility.
However, few analyze their property insurance policies in detail, at any time.

Recent images of fire and water damages across North America prompted me to revisit this topic.
Your mission is to be proactive and assess your property insurance needs.

Much like portfolio management, property coverage is also about risk management.
Just different risks where some outcomes can be lasting and devastating.

You don’t want to be under insured on property coverage — for both personal and business needs.
Whether you own, rent or lease — in all locations.

Here are some property essentials to examine:

Basics:

Costs to fully rebuild your structures and replace contents.
What happens if your coverage is not sufficient to rebuild.

Deductible amounts you pay before the insurance company starts paying.
Expenses incurred to live elsewhere during a reconstruction of your home.

Coverage exclusions contained in your policy.
Third party liability suitable for your specific needs.

Whether damages from broken pipes or sewer backups are covered.
Available coverage for earthquakes, floods and hurricanes.

More involved:

Jewellery, art, coins, stamps, collectibles, boats and vintage automobiles may require separate appraisals and coverage.
Conducting business matters in your home may also require separate coverage.

Business owners ought to review values to replace business premises, inventories, equipment and other materials.
Coverage for rental income and business interruption insurance may be appropriate.

Whether you need an “umbrella” policy for extra coverage such as third party liability.
You may need to coordinate your personal policy with the strata policy.

Make every effort to understand your property risks.
Review your property insurance coverage needs annually.

Insurance companies typically require cost estimates to replace property.
They may request inspection of your property before issuing coverage.

Discussions with knowledgeable property insurance agents are time well spent.
You want the most comprehensive policy you can afford.

Protecting your nest from financial disasters deserves your full attention.
It’s wise not to skimp on your property coverage.

Be prepared for rising policy premiums.

Please call to discuss this topic.

Talk soon,

Adrian

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July 27th, 2015

Posted In: Adrian Mastracci Blog

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