An under-insured property affected by a disaster could wreak havoc on a client’s savings and plans for retirement
“A lot of clients just get the renewal in the mail and pay the bill without reviewing the policy each year,” Ms. Hurlburt says. “They don’t check to see if their jewelry is worth more now. They don’t take a critical look at the value of the contents in their house.”
Ms. Hurlburt notes that clients may bring up home insurance to advisors when they are concerned about a hefty increase in premiums. They want to know whether the amount is a reasonable figure to pay, but the clients may not also realize the actual costs to rebuild their house in wake of a disaster. “We typically try to have our clients set aside emergency savings, but the amounts saved may not be enough,” she says. “We look at lines of credit, the consequences of taking money out of their retirement savings, or using some of the cash value in their life insurance if they have it.”
Storing important papers securely are also discussed with clients, namely in a fire and/or waterproof location.
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