Existing Homeowners Insurance policies can be added via the Net Worth section of the Profile (or the Net Worth step of the initial data entry process), by selecting Add Account > Insurance > Homeowner:
Homeowners Insurance Data Entry
- The Policy name will default to Homeowner Insurance, but you can enter a custom name if you'd like. You will also want to choose the client, co-client, or joint as the Owner.
- Enter the Coverage amount, and then use the Link to home field to link the policy to a property within the plan.
Additional Information
You will only see Homeowner as an option within the Add Account > Insurance menu if the client's Primary Home is set to Own. This option will not appear if the primary home is set to Rent.
After linking the homeowner's policy to a specific property, the Annual premium will automatically populate with the 'Annual insurance' value inputted into that Property entry. You can adjust this value by clicking Property on the left side of the Net Worth page, and opening the property associated with the policy.
For homeowner policies, only the annual premium will have an impact on the Retirement Analysis and Cash Flow projections. The remaining details will feed into the Insurance module, and can be analyzed within the Property and Casualty area.
