Locating the correct home insurance coverage may not be particularly high on your list of priorities and, compared with such things as investment decisions and estate planning issues, questions about the language in your homeowners policy could seem barely worthy of consideration. but, the more successful you are, the more detailed your asset-protection needs are likely to be—and the more you have to lose. Suppose, for example, that in addition to your primary residence—a historic home—you also own a house at the beach and a condo in the city.

For instance, let us say that your properties are in three states, the value of your collection of Expressionist paintings has risen quickly and you just volunteered to serve on the board of directors of a charitable organization. Well-nigh every aspect of this situation could cost you dearly.

Insurance laws vary widely from one state to the next, different kinds of property demand specialized coverage and art collections and other unique items could be hard to fully protect. Meanwhile, serving on the board of a charity could land you with additional personal liability.

Safeguarding yourself and your family might mean having to buy extra coverage, although more insurance is not always the best answer. Instead, it’s important to review all of your needs, think about specialized policies and coordinate your insurance coverage with other facets of your financial situation.

Listed below are 6 different shortcomings which could turn out to be very costly.

1.  Leaving gaps in homeowner’s cover.

Any homeowner needs to look at their coverage on a regular basis to keep up with growing replacement costs. However, insuring different kinds of property in different locales presents additional challenges. If you buy insurance cover from more than one insurer you coulf face several different limitations, rules, and plan renewal dates. For instance, the limit of liability on the policy for a second home may fall short of the minimum on an excess liability plan designed to accompany the insurance on your primary home and you could end up up being responsible for meeting the difference.

2.  Disregarding the unique characteristics of your property.

One advantage of affluence is having the means to own exceptional homes but one of the drawbacks is that they may be difficult to insure adequately. Standard homeowner’s coverage will not pay for the hard-to-find materials and craftsmanship necessary to rebuild that late 19th century showplace which you’ve lovingly restored. Coastal homes might be subjected to hurricane damage, while a home in the California mountains could be subject to wildfires or earthquakes.

3.  Inadequate insurance for collectibles and art.

Standard homeowner’s plans place a limit on cover for the loss of furs, antiques, and other valuables. And although you could schedule additional coverage, insuring for the real value of an art collection will generally mean buying a specialized policy addressing several critical issues.

4.  Forgetting to arrange insurance for household employees.

When someone works for you or your family as, for example, a nanny, landscaper or personal assistant you could be liable for medical expenses and lost wages if that worker is hurt while at work. A number of states require household employers to contribute to a workers compensation fund while in other states it’s optional. Nonetheless, providing such insurance may be required for ensuring your financial well being.

5.  Overlooking your liability as a board member.

Some form of excess liability coverage could help protect you if you are sued as a director of a nonprofit’s board or, if you prefer to have more comprehensive protection, you may want to think about arranging special directors and officers liability insurance.

6.  Not getting regular policy reviews and updates.

Your finances are not static and neither are your needs for insurance. The value of a collection may rise, home renovations might mean a sharp rise in the value of your property and the re-titling of assets as part of your estate plan or because of divorce, a death in the family, or the birth of a child could necessitate plan changes. Even without any major events, you will undoubtedly need to carry out a detailed review of your insurance coverage at least every two years.