It’s a smart practice for clients to review their insurance policy at least twice a year to ensure everything is accurate and up to date. Many investors use daylight saving time as a reminder to do this. Anytime you make major changes, such as updates to your property or account information, their policy should be reviewed and updated immediately.

Share this checklist to help your clients confirm that their coverage reflects current ownership, property use, conditions, and risk exposures.  

 Policy Details

• Named Insured – Verify all entities, LLCs, and ownership structures are properly listed.  
• Additional Insureds – Ensure all partners, management companies, and lenders are included as needed.  
• Lender/Mortgagee Information – Check that the listed lender and loan number are accurate.  
• Mailing & Email Address – Confirm your mailing and email addresses are up to date to ensure you receive important policy correspondence and claim payments without delay. 
• Pay-To Entity – Double-check that the correct bank account or entity is listed for claim settlements.  

 Property Information

• Property Address – Verify the full address is correct for each insured location.  
• Property Use/Occupancy – Confirm each property’s status is listed accurately: Vacant, Tenant-Occupied, Under Renovation, New Construction, Short-Term/Vacation Rental. 
• Property Type – Check that the right classification is selected: Single-Family Home, Condominium, Mobile/Manufactured Home, Log Cabin, Vacant Land.  

 Settlement Method, Coverage & Limits

• Settlement Method – Does your current settlement method (Actual Cash Value or Replacement Cost) still align with your strategy if you were to experience a significant property loss? 
• Coverage Form – Review what perils your property is insured against under the selected coverage form (Basic or Special). 
• Liability Limits – Review your liability coverage. NREIG recommends a minimum of $1MM per occurrence, $2MM aggregate for investors.  
• Coverage Limits – Evaluate if your property and contents coverage limits reflect current replacement costs.  
• Exclusions – Review excluded causes of loss. If you’ve identified new exposures (e.g., flood, theft, etc.), as about adding coverage to avoid expensive out-of-pocket losses.  
• Deductibles – Ensure your deductibles align with your financial comfort level. Could you afford to pay your deductible today? Would raising it lower your premium enough to be worthwhile? 

Download the Semiannual Insurance Policy Review Checklist.