With rising property insurance rates being such a hot topic in Florida, some property owners are reducing coverages to contain the cost. We need to re-educate ourselves on what to look for in a hazard policy and update our review procedures accordingly. Does anyone have a checklist or worksheet they would be willing to share - either residential or commercial real estate or both, that might help us in this process?

I believe you can follow the same review process with property insurance as you do with flood insurance. Every year when the property insurance is renewed, the policy should be reviewed to ensure that the amount of coverage is sufficient to cover the amount of the outstanding loan. If the amount is not sufficient, I would not pay the property insurance bill without contacting the consumer and requesting they either (1) increase the coverage or (2) the FI will force place insurance for the total amount of the outstanding loan balance.