Securing Your Family: 10 Steps You Can Take Today Continued.

by Scott Kegler
Aon Family Office Practice Leader

 

 
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6. TAILOR YOUR AUTOMOBILE INSURANCE

Make the most of your automobile insurance coverage by making the following choices:

Include Uninsured / Underinsured Motorist coverage – this coverage (select $250k / $500k limit) reimburses policyholders in the event of  an accident with a hit-and-run driver, a driver without insurance, or a driver with limits of insurance that are not high enough to cover the resulting bodily injury or  property damage. According to the Insurance Research Council, about one in eight drivers is uninsured. 

Insure all family members with the same insurance company – take advantage of potential price savings and claims support by putting coverage for all generations of your family with the same insurance company.  

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7. PURCHASE UMBRELLA LIABILITY INSURANCE WITH AT LEAST A $5 MILLION LIMIT

Umbrella liability coverage provides higher limits of insurance, and in some cases broader coverage, in excess of your homeowners policy and automobile policies (and possibly boat / yacht insurance policies).  This coverage is relatively inexpensive – choose a limit of at least $5 million. 

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8. PURCHASE FLOOD COVERAGE

Most homeowners’ policies do not cover flooding. Ask your broker for a proposal for flood insurance, even if you aren’t in a flood zone, where coverage will be required by the mortgage company if you have a mortgage.   A basic policy can help protect you and your valuables where a normal homeowner’s policy might not respond. 

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9. UPDATE APPRAISALS ON YOUR COLLECTIONS

Ask for updated appraisals on your collections at least every two years.  Don’t wait.  Always select a USPAP certified appraiser.   Reputable appraisers never charge a fee that is tied to the appraised value of an item.

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10. RESEARCH THIRD PARTIES

Carefully vet potential investment partners, nannies, gardeners, contractors and others you allow to access your homes, family and business(es).  There are many background check options available, including a free National Sex Offender search.  More detailed background checks start at roughly $2,000, which include a target search of:

 

•Watch Lists
•Connection to Sanctioned Jurisdictions
•Political Exposure
•Derogatory Media
•Criminal Records
•Litigation

 

CONCLUSION

Creating a more secure environment for your family and your assets can feel overwhelming at times. There are so many things you could focus on, it’s hard to know where to start. I encourage you to take thirty minutes today and get started on the ten items in this list. You’ll be making significant progress towards substantially improving your family’s personal safety and security.   

All descriptions, summaries or highlights of coverage are for general informational purposes only and do not amend, alter or modify the actual terms or conditions of any insurance policy. Coverage is governed only by the terms and conditions of the relevant policy.