May 2021 NAPFA Advisor Magazine - Full Issue-May 2021 NAPFA Advisor Magazine

May 2021 NAPFA Advisor Magazine - Full Issue

Pdf Summary

Clients should be educated about replacement cost coverage and additional options for insurance policies. This includes purchasing a replacement cost endorsement to fully cover the cost of replacing an item and including enough ordinance or law coverage to cover additional work required to bring a structure up to code. Clients should also choose the right percentage of coinsurance to avoid penalties and ensure adequate coverage. Personal property coverage should be considered and adjusted as needed. Brokers should be involved to ensure accurate coverage and clients should work with a local insurance agent for personalized support.

Keywords

replacement cost coverage

additional options

insurance policies

replacement cost endorsement

ordinance or law coverage

structure up to code

coinsurance

penalties

personal property coverage

local insurance agent