Getting hold of the right property insurance cover may not rank high on your list of priorities and, compared with such things as investment and estate planning decisions, questions about the language in your homeowners insurance might seem barely worthy of consideration. but, the more successful you become, the more complicated your asset-protection requirements 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 example, let us assume that you own properties in three different states, the value of your collection of Old Master paintings has grown rapidly and you just volunteered to serve as a director of of a charitable organization. Virtually every aspect of this situation could cost you dearly.

Insurance laws vary considerably from one state to another, different sorts of property need specialized coverage and art collections and other unique items could prove hard to fully protect. As if this were not enough, serving on the board of a charity might land you with additional personal liability.

Safeguarding yourself, your family and your property might mean having to purchase extra coverage, but more insurance isn’t always the best answer. Rather, it’s vital to review your needs, give some thought to specialized policies or policy options and coordinate your insurance cover with other aspects of your financial situation.

Here are 6 different shortcomings which could prove extremely costly.

1. Leaving gaps in homeowner's cover.

Any homeowner needs to review their coverage regularly so as to keep up with rising replacement costs. However, insuring different kinds of home in different locations poses additional challenges. If you buy insurance from more than one insurer you may be faced with several different limitations, rules, and policy renewal dates. For example, the liability limit on the policy for a second home could fall below the minimum on an excess liability policy intended to accompany the insurance cover on your primary home and you may end up up being responsible for meeting the difference.

2. Ignoring your property's unique characteristics.

One of the advantages of of wealth is having the money to own exceptional homes but one problem is that they may be difficult to insure adequately. Standard homeowner's coverage will not pay for the materials and craftsmanship required to rebuild that late 19th century property which you have lovingly restored. Houses built on the coast may be subjected to hurricane damage, while a house in the California mountains could be at risk from earthquakes or wildfires.

3. Under insuring art and collectibles.

Normal homeowner's policies limit cover for the loss of furs, antiques, and other valuables. And while you could arrange additional coverage, insuring for the real value of a collection of contemporary art will generally mean buying a specialized plan addressing several critical issues.

4. Omitting to organize insurance for employees.

When an individual works for you as, for instance, a nanny, landscaper or personal assistant you may have a liability for medical expenses and lost wages if that worker is hurt on the job. Various states require household employers to pay into a workers compensation fund while in other states it’s optional. Nonetheless, providing such insurance cover may be obligatory for ensuring your financial well being.

5. Ignoring your liability as a board member.

Excess liability coverage could help to protect you if you are sued as a director of a nonprofit's board or, for more comprehensive protection, you may want to think about taking out special directors and officers liability insurance.

6. Failing to get regular policy reviews and updates.

Your financial life is not static and neither are your insurance needs. The value of a collection might increase, renovations to your home might mean a sharp rise in the value of your home 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 may necessitate changes to your policy. Even without any major events, you will almost certainly need a detailed review of your insurance cover at least every two years.