A Quick Fix for Identifying Property Insurance Coverage Gaps

Property Insurance Coverage Gaps

The best way to identify and overcome potential insurance gaps is to set an annual coverage review with your insurance agent/broker to help ensure that your building property and all of its contents are protected in the event of a disaster.

Every property, home, and business owner has a unique situation that indicates the need for specialized insurance coverage.  Here are some crucial items to consider before and during your annual coverage review:

Your property’s location

Depending on where a property is located – it is susceptible to different types of weather, risks, and exposures. Is your property susceptible to floods and earthquakes? These two items are specifically excluded from a standard property insurance policy. These are just two examples that can surprise property owners in the aftermath of a disaster - so it is important to discuss your individual exposures with your agent/broker and to ensure adequate coverage.

The type of property

Commercial buildings will have a different set of insurance coverage risks in comparison to residential buildings. For example, a commercial policyholder would want to take into consideration the effects of a major supplier or customer being damaged by a disaster impacting their own revenues. A residential property owner may have to consider how their swimming pool or trampoline affects their coverage. Condos and apartments also have a different set of rules, exclusions, and coverages that are important to understand as a policyholder.

Changes to property within the last year

The fundamental reason for meeting with your agent/broker on a yearly basis is to assess any changes made to your property that would affect its value. These changes can include renovations and even the purchase of high-priced items or valuables such as artwork, appliances, and electronics – that you would also want covered adequately in the event of a loss.

Failing to update the policy with these changes can leave the policyholder vastly underinsured and settling for an inadequate amount in the event of a property damage insurance claim.

Understanding your property’s unique risks and also understanding the true value of your property will help you to closing your insurance gaps. Contact your insurance agent/broker to set up an annual review process to get your insurance policy on track and give you peace of mind.


Scott deLuise, President & CEO at Adjusters International/Matrix Business Consulting discusses coverage options for commercial policyholders:


Listen to our podcast on “How to Make the Most of an Underinsured Loss” to hear more tips from our experts:

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If you’re suffering from a property damage loss, we can help. Contact us today at 800.382.2468.