Connecticut Valuables Series · Part 6 of 6
By Jon Merwin, Founder and CEO, Licensed Insurance Advisor
- Schedule a review 60 to 90 days before renewal so there’s time to make changes.
- Start with the declarations page. The Connecticut Insurance Department recommends reviewing it periodically with your agent or carrier.
- Check that your dwelling limit reflects today’s cost to rebuild, especially after renovations.
- Update schedules and appraisals for jewelry, art, wine and collectibles.
- Revisit liability and umbrella limits whenever drivers, staff, properties or activities change, and confirm flood coverage separately.
A high-value home in Greenwich, Darien, New Canaan, Westport or Fairfield isn’t static. You renovate, buy art, add a teen driver, hire a nanny or buy a place on the Cape. Your insurance should keep up, and the easiest way to make sure it does is a structured review once a year.
Use this checklist with your agent before each renewal. It pulls together the topics from our Connecticut valuables series in one place.
When to do your review
Aim for 60 to 90 days before your renewal date. That leaves time for new appraisals, a replacement cost inspection or a change of carrier if one is needed. Also call your agent mid-year after any big change: a renovation, a major purchase, a new driver or a new property.
1. Start with the declarations page
The Connecticut Insurance Department recommends periodically reviewing your policy with your carrier or agent and, at a minimum, reviewing the declarations page, which summarizes coverage and important disclosures. Confirm the named insureds, property addresses, mortgage holders, limits and deductibles are correct.
2. Dwelling and other structures
- Is the dwelling limit based on a current replacement cost estimate, not market value?
- Have you renovated, added square footage or upgraded finishes since the last estimate?
- Does your policy include inflation protection, and how does it work?
- Are guest houses, pool houses, garages, docks and walls insured at adequate limits?
- Do you have ordinance or law coverage for building code upgrades after a loss?
The Connecticut Insurance Department’s glossary is a useful reference for terms like replacement cost, actual cash value and market value.
3. Contents and valuables
- Is your contents limit realistic for what’s in the home today?
- Are jewelry and watches scheduled, with appraisals that are reasonably current?
- Are fine art and collectibles scheduled or covered on a blanket basis, including breakage where needed?
- Does wine coverage include spoilage and breakage, and wine stored away from home?
- Did you buy anything significant this year that should be added?
Update your home inventory
The Connecticut Insurance Department recommends keeping a home inventory with receipts, appraisals and photographs, storing it securely, and reviewing it annually and whenever you make a significant purchase. Your annual review is a natural time to do it.
4. Liability and umbrella
- Have you added a driver, a vehicle, a boat or a property?
- Do you employ household staff, and does your coverage address their driving and any employment-related claims?
- Do you have a pool, trampoline, dock or dogs?
- Do you serve on a nonprofit board? Ask whether your umbrella or a separate policy addresses that exposure.
- Do your umbrella limits still fit your assets and activities?
5. Flood, wind and water
The Connecticut Insurance Department notes that homeowners policies exclude flood, and that flood insurance is available from the National Flood Insurance Program and private insurers. Near Long Island Sound or a river, confirm whether you have flood coverage, what it pays for the building and contents, and whether it addresses basements. Our Fairfield County flood insurance page covers local options.
- Find your hurricane or named-storm deductible and how it’s triggered.
- Ask whether water backup from sewers and drains is covered, and at what limit.
- Consider leak detection, automatic water shutoff and a backup sump pump.
6. Second homes, rentals and vacancy
- Are all your homes listed, in Connecticut and elsewhere?
- Do you rent any property short-term? Your carrier may need to know.
- Will any home be empty for an extended period this year?
7. Claims history and protective features
The Connecticut Insurance Department notes that homeowners can request a copy of their claims report for the last seven years. Review it for accuracy. Also ask whether alarm systems, water shutoff devices, generators or other protective features you’ve installed are recorded on your policy.
8. Collector cars, boats and other assets
If you own collector cars, boats or aircraft, review those policies at the same time so limits, drivers and umbrella coverage line up.
9. Personal cyber and identity
Some high-value policies offer optional coverage for online fraud, cyber extortion and identity restoration. If your family manages accounts, payments or smart-home systems online, ask whether your policy includes it and what it covers.
What to bring to your review
- Your current declarations pages for home, auto, umbrella and valuables.
- Details of any renovations, with final costs and plans.
- New appraisals, receipts or a list of significant purchases.
- Names and dates of birth of new drivers, and any household staff who drive.
- Addresses of any homes you bought, sold or began renting out.
Where the carrier fits
Cincinnati and Chubb are similar high-value carriers that compete with each other and write homes at any dwelling limit, so we quote both. We review the whole picture each year and compare options from 40+ carriers. See our high-net-worth insurance page to learn how we work with high-value households.
We serve homeowners in Greenwich, Darien, New Canaan, Westport and Fairfield from our Fairfield office at 1885 Post Road and by phone, email and online.
40+ carriers · New Hampshire’s highest-rated agency on Google · 1,000+ Google reviews and over 2,000 testimonials
Request a quote. There’s no obligation to buy. Call (203) 859-6858 or start online.
Frequently asked questions
How often should I review my home insurance?
At least once a year, ideally 60 to 90 days before renewal, and again after any major change such as a renovation, a big purchase or a new driver.
What should I look at first in my policy?
The declarations page. It summarizes your coverage, limits and deductibles, and the Connecticut Insurance Department recommends reviewing it periodically.
How do I know if my dwelling limit is high enough?
Ask your agent for a current replacement cost estimate. It should reflect the cost to rebuild your home today, not its market value.
Does my homeowners policy cover flood in Connecticut?
No. Homeowners policies exclude flood. Flood coverage is available through the National Flood Insurance Program and private insurers.
Can I see my home insurance claims history?
Yes. The Connecticut Insurance Department notes that homeowners can request a copy of their claims report for the last seven years.
Should I update my home inventory every year?
The Connecticut Insurance Department recommends reviewing your home inventory annually and whenever you make a significant purchase.
Sources
- Connecticut Insurance Department, “Homeowner’s and Renter’s Insurance” FAQs
- Connecticut Insurance Department, “Homeowners Insurance – Common Terms”
- Connecticut Insurance Department, Consumer Alert, May 14, 2024: “List It Before You Lose It! The Importance of Making a Home Inventory”
Coverage depends on your policy, the carrier and its underwriting. Read your policy wording for the terms that apply to you. This article is general information, not legal or tax advice.
Related reading: our guides on jewelry and watch insurance in Fairfield County and fine art and collectibles insurance in Fairfield County and wine collection insurance in Fairfield County.