When last did you revisit your insurance policy? Now may be the best time to take a moment and make sure you have an adequate and updated policy. Here are a few things that should be considered when revisiting your policy:
What stage of life are you currently in?
Have any of your life circumstances changed? Many people may have experienced a life change during the recent pandemic. Circumstances such as divorce, a new baby, or moving homes can affect your insurance coverage requirement and you may need to adjust your policies. Always keep your insurance broker up-to-date of any changes in your circumstances so they can make recommendations and updates based on these changes.
Have you added new items to your home?
The replacement value of your household items changes yearly and should be updated in your policy. Items may have decreased in value over time whereas others may have increased .Also, have you added any new items or received an expensive gift that you feel should be included in your policy? It’s important to think about the cost of replacing these items and ensure they are added to you current policy.
Does your car insurance need an update?
Your car’s value is changed yearly by your broker. As a car is a depreciating asset, the sum insured will decrease annually. The cost of replacing your car can be expensive if you are not correctly insured. Revisit your policy requirements annually to make sure your car insurance is up to date.
Is your homeowners’ insurance enough?
If you’ve done any upgrades or home improvements within the last year that may have increased the value of your home, you need to let your broker know. A home should be insured at the full value it would cost to replace.
Is your business owners’ insurance updated
As a business owner, you need to consider more than the overall replacement value of your property, buildings, equipment and average level of stock. Business developments such as opening new premises, storing stock and materials in warehouses, changing your business profession, hiring new employees, extending transport locations, importing machinery, all have an influence on your insurance policy and the values to be insured.
If you need one or more of these updated, its best to let your broker know right away. If you need some assistance with insurance, give us a call on: 031 716 6000 (KZN) or 011 463 0085 (GP) and we will gladly asisst.