ANNUAL PRIVATE CLIENT INSURANCE REVIEW
Kelly Insurance Group offers an annual private client insurance review — a structured, comprehensive review of the complete personal insurance program for high-net-worth individuals and their families, covering every policy, every property, every vehicle, every collection, and every exposure across the full private client risk management program to confirm coverage is current, accurate, and adequate for the household's actual situation.
WHAT A COMPLETE ANNUAL PRIVATE CLIENT INSURANCE REVIEW COVERS AND WHY IT MATTERS.
A comprehensive annual private client insurance review examines: every residential property and its current replacement cost; every vehicle, watercraft, and recreational vehicle with current values and correct drivers; the personal umbrella limit against current net worth and exposure profile; all valuable collections — jewelry, art, collectibles — with current appraisals; household employer coverage for all domestic workers; life changes since the last review — marriage, divorce, new children, inheritances, business transactions; trust and LLC ownership alignment with named insureds; and all specialty coverages — aviation, marine, equine, K&R, personal cyber — against current use and exposure.
Agreed values on homes, vehicles, and collections must keep pace with current market conditions. A high-value home insured at a replacement cost set five years ago may be significantly underinsured given construction cost inflation. A collector car whose market has appreciated needs an updated agreed value. A jewelry collection appraised before a period of gold price appreciation needs reappraisal. The agreed value review is one of the most systematically important components of the annual review.
Household composition changes create coverage changes that must be actively managed. A teen who becomes licensed is the most common — and most frequently missed. A college student who is no longer at home. A new household employee. A family member who is no longer in the household. A new asset held in a trust or LLC that must be aligned with the named insured on the policy. The household composition review confirms that the policy roster reflects the current household.
Marriage, divorce, the birth or adoption of a child, the death of a household member, a significant inheritance, a business sale, a major property acquisition or disposition, or a change in professional role — each of these life events has insurance implications that should be addressed promptly. The annual review is the systematic check for life events; the better practice is to notify the insurance advisor whenever a significant life event occurs.
Beyond individual policy updates, the annual review examines the overall structure of the private client insurance program: whether the underlying policies correctly support the umbrella; whether specialty coverages are properly coordinated; whether the program addresses new risk categories — personal cyber, K&R, media liability — that the household's current profile now warrants; and whether any policy provisions, exclusions, or conditions that have been discovered in the past year require attention.
ANNUAL REVIEW COMPONENTS
PRIVATE CLIENTS WHO BENEFIT FROM AN ANNUAL INSURANCE REVIEW.
Every high-net-worth private client benefits from an annual insurance review — regardless of whether anything appears to have changed. Insurance gaps develop silently and are discovered at claim time without proactive annual review.
- Any private client whose insurance has not been comprehensively reviewed in more than 12 months
- High-net-worth families with multiple properties, vehicles, collections, and household staff across a complex program
- Individuals who have experienced significant life events — marriage, divorce, new children, inheritance, business transaction — in the past year
- Private clients with teen drivers, new vehicles, new properties, or new collections added since the last review
- Any household whose agreed values on home, vehicles, or collections have not been reviewed against current market conditions recently
- Private clients who have never had a comprehensive program review and want to confirm that their coverage is complete and properly coordinated
CHECK EVERY ITEM THAT SHOULD BE REVIEWED AT THE ANNUAL PRIVATE CLIENT INSURANCE REVIEW.
The annual private client insurance review is the most important coverage maintenance event of the year. This checklist identifies the items that should be confirmed, updated, or reviewed at every annual review — regardless of whether anything appears to have changed.
Start here — your annual review is overdue or this is your first structured review.
SCHEDULE YOUR ANNUAL REVIEW WITH KELLY INSURANCE GROUPWHAT THE REVIEW COVERS.
COMPLETE PROGRAM REVIEW
Comprehensive review of the entire private client insurance program — every policy, every property, every vehicle, every collection, every exposure — to confirm current accuracy, adequate limits, and proper program coordination.
AGREED VALUE AND APPRAISAL AUDIT
Systematic review of all agreed values — home replacement costs, vehicle and collector car values, valuable collection appraisals — against current market conditions, with recommendations for updates where appreciation or inflation has created underinsurance.
HOUSEHOLD COMPOSITION AND LIFE EVENT UPDATE
Review of household composition changes — new drivers, new household members, departing household members, new employees — and life events since the last review, with policy updates to reflect the current household accurately.
COVERAGE GAP AND NEW EXPOSURE IDENTIFICATION
Identification of coverage gaps created by new exposures — new properties, new collections, new specialty risk categories — and coordination of coverage placements to address each identified gap before a claim reveals it.
FOUR THINGS AN ANNUAL REVIEW FINDS THAT SILENT GAPS NEVER ANNOUNCE.
A newly licensed teen driver should trigger an immediate umbrella review. Most household renewals happen once a year; a teen who gets their license in October in a household with a March renewal has been on the road for five months with an unchanged umbrella. The annual review catches this. An immediate notification practice catches it sooner.
Jewelry appraisals from five or more years ago may be significantly below current replacement cost — particularly given movements in gold and diamond prices. An agreed value that has not been updated is a gap that grows every year. The annual review identifies which appraisals are beyond their three-to-five year update window.
A secondary property acquired between annual reviews that was never added as a scheduled location on the umbrella has no excess liability coverage through the umbrella for incidents at that property. The annual review cross-references all known properties against the umbrella's scheduled underlying locations.
A long-term household employee who has worked without workers compensation for years represents compounding uninsured employer liability for every year of that employment. The annual review includes confirming workers compensation coverage for all regular household employees — and identifying any employees who have been working without it.
QUESTIONS THAT OFTEN COME UP.
What is a private client insurance review?
A private client insurance review is a comprehensive examination of the complete personal insurance program — every policy, every property, every vehicle, every collection, and every exposure — to confirm that coverage is current, accurate, adequate, and properly coordinated. It is broader than a renewal review, which confirms that existing policies are renewing correctly. A program review looks at the full picture.
How is a private client review different from just renewing my policies?
A renewal review confirms that existing policies are renewing on the right terms and at the right premium. A private client program review goes further — it examines whether the current policies address all current exposures, whether agreed values are current, whether new exposures have developed that are not yet covered, and whether the overall program architecture is properly structured. Policies can renew correctly while significant gaps exist.
How often should a private client insurance program be reviewed?
Comprehensively, at minimum annually. Additionally, whenever a significant life event occurs — marriage, divorce, new child, inheritance, business transaction, new property, new vehicle, new collection, new household employee, or a teen getting their license. These trigger events should prompt immediate notification to the insurance advisor, not waiting for the annual review.
What happens if a coverage gap is found during the annual review?
The gap is identified, explained, and a coverage recommendation is made. In most cases, addressing a coverage gap is straightforward — adding a property to the umbrella, updating an agreed value, placing workers compensation for a household employee. The review process is designed to surface gaps so they can be addressed before a claim reveals them.
Does Kelly Insurance Group coordinate with my other advisors during the annual review?
The private client insurance review focuses on the insurance program. When the review surfaces issues that touch on other advisor relationships — estate planning implications of a trust holding a property, tax implications of a collection appraisal update, legal implications of a household employment matter — those are flagged for coordination with the relevant advisor. The insurance review does not substitute for legal, tax, or financial advice.
Can I schedule an annual review if I have never had a comprehensive program review?
Absolutely — a first-time comprehensive review often produces the most significant findings because standard renewal processes may have allowed gaps to accumulate over years without systematic examination. Kelly Insurance Group can conduct an initial comprehensive program review for new private clients and establish the annual review as an ongoing service.
READY TO START?
Tell us about your situation and a member of the team will be in touch.
REVIEW THE FULL PROGRAM EVERY YEAR — BECAUSE THE GAPS DON'T ANNOUNCE THEMSELVES.
Kelly Insurance Group provides annual private client insurance reviews — comprehensive, structured examination of the complete personal insurance program to confirm every coverage is current, accurate, and adequate for the household's actual situation today.
The availability of coverage and eligibility for coverage can depend on numerous factors. We cannot guarantee that all customers, individuals, and businesses looking for coverage will be successful in these efforts when contacting our team. All policy coverages and terms need to be fully reviewed by the respective consumer to ensure the coverage asked for is what is specifically being quoted or provided by any insurance policy. Insurance Policies, Coverage Changes, and their terms and conditions are not bound or altered until written confirmation is provided by one of our licensed team members or underwriters. This page does not offer legal advice, legal opinions, or policy interpretations. Rather, this page is meant as a resource to help provide customers and insurance consumers with additional considerations that may help in their insurance buying or pursuit of insurance information. Kelly Insurance Group does not employ or direct attorneys.
FIND RELATED COVERAGE FAST
LOADING LIVE SITEMAP...
Disclaimer: Coverage availability and eligibility may depend on many factors, including underwriting review, carrier guidelines, policy terms, state requirements, business operations, risk characteristics, and other information provided during the application or quoting process. Kelly Insurance Group cannot guarantee that every individual, customer, organization, or business seeking coverage will qualify for, receive, or successfully place insurance coverage. All policy coverages, exclusions, conditions, limits, endorsements, and terms should be carefully reviewed by the consumer, insured, or applicant to confirm that the coverage requested is the coverage being quoted, offered, or provided. Insurance coverage, policy changes, endorsements, cancellations, and other policy terms are not bound, changed, confirmed, or altered unless and until written confirmation is provided by a licensed Kelly Insurance Group team member, the applicable insurance carrier, or an authorized underwriter. This page is provided for general informational purposes only and does not provide legal advice, legal opinions, insurance coverage opinions, or policy interpretations. Information on this page should not be relied upon as a substitute for reviewing the actual policy language or consulting appropriate professional advisors. Kelly Insurance Group does not employ, supervise, or direct attorneys.