Action Insurance Plan

Every policy starts with a quality action insurance plan to determine what coverages are needed and what limits best serve the insured party.  Here are some suggestions for developing an action insurance plan for various types of insurance policies.

Renters Insurance – Action Insurance Plan

• Determine how much personal property you want to insure
• Assess what liability limits of insurance you desire to meet your renters insurance needs.  Do you need to meet a minimum requirement for a landlord or a personal umbrella policy?
• How much loss of use coverage suits your needs?
• Do you have any specialty items to insure such as high value jewelry or fine art that are subject to sub-limits within the policy?
• Determine what deductible options provide you with the coverage and pricing that meet your needs.
• Is earthquake insurance something that you would like to have as well?

Homeowners Insurance – Action Insurance Plan

• Determine what the cost would be the reconstruct your property should you have a total loss
• Assess what liability limits of insurance best suit your homeowners insurance needs.  Do you need to meet a minimum requirement for an umbrella policy?
• How much loss of use coverage suits your needs? Would that be sufficient should your home have a major loss and you can’t live there for an extended period of time while it is rebuilt?
• Are you planning on doing any major construction or renovations in the near future?
• Do you have any specialty items to insure such as high value jewelry or fine art that are subject to sub-limits within the policy?
• Determine what deductible options provide you with the coverage and pricing that meet your needs.
• Is earthquake insurance something that you would like to have as well?

Landlord Insurance – Action Insurance Plan

• Determine what the cost would be the reconstruct your property should you have a total loss
• Assess what liability limits of insurance you desire to best suit your landlord insurance needs.  Do you need to meet a minimum requirement for a personal umbrella insurance policy?
• How much loss of income coverage suits your needs?
• Do you have any potential for a long term vacancy? Does the policy you are choosing provide coverage for a vacant property?
• Determine what deductible options provide you with the coverage and pricing that meet your needs.
• Is earthquake insurance something that you would like to have as well?

Condo Insurance (HO6)  – Action Insurance Plan

• Determine what the cost would be the reconstruct your unit’s improvements should you have a total loss
• Determine how much personal property you want to insure
• Assess what liability limits of insurance you desire for your condo insurance policy. Do you need to meet a minimum requirement as part of the HOA’s CC&Rs or for a personal umbrella policy?
• Determine how much loss assessment coverage you need
• How much loss of use coverage suits your needs? Would that be sufficient should your home have a major loss and you can’t live there for an extended period of time while it is rebuilt?
• Are you planning on doing any major construction or renovations in the near future?
• Do you have any specialty items to insure such as high value jewelry or fine art that are subject to sub-limits within the policy?
• Determine what deductible options provide you with the coverage and pricing that meet your needs.
• Is earthquake insurance something that you would like to have as well?

Auto Insurance – Action Insurance Plan

• Determine what liability limits best suit your auto insurance needs. Do you need to meet a minimum requirement for your lease or an umbrella policy?
• How many miles do you plan to drive in the next 12 months?
• Will you be using your vehicle for work?
• Do you want coverage for towing and roadside assistance?
• Do you want coverage for reimbursement for a rental can if your auto is damaged due to an accident or comprehensive loss.
• Do you want comprehensive and collision coverage or just liability?
• Determine what deductible options provide you with the coverage and pricing that meet your needs.
• Do you need GAP coverage?
• Do you want only OEM parts used to repair your vehicle?
• Who else will be regularly driving your vehicle?
• Is our car financed or leased?

Boat Insurance – Action Insurance Plan

• Determine what liability limits best suit your boat insurance needs. Do you need to meet a minimum requirement for your lease or an umbrella policy?
• Do you use your boat in lakes or in the ocean?
• What do you do with your boat? Do you tow skiers? Do you participate in boat races?
• Do you want coverage for emergency towing?
• Do you want comprehensive and collision coverage or just liability?
• Determine what deductible options provide you with the coverage and pricing that meet your needs.
• Who will be operating your boat?
• What special equipment do you carry on your boat?
• Do you plan to take your boat outside of US waters?

Business Insurance – Action Insurance Plan

• Determine what liability limits best suit your business insurance needs. Do you need to meet a minimum requirement for your lease, under a contract or for an commercial umbrella insurance policy?
• Do you want to insure your business property? How much?
• Does your business property stay in one place or does it frequently move around?
• If your business was interrupted by a claim how much loss of income would you like to be insured for?
• Do you have employees?  How many and what is your annual payroll?