Every now and again, one should embrace the opportunity to assess, improve and make positive changes. Some individuals realise their dream by making big and daunting changes, such as tackling a new job, changing careers, or purchasing new property. Others attempt small changes that will benefit their health or support a hobby.

But, when we go through changes in life, we sometimes forget to protect our belongings with adequate insurance. For example, when it comes to short-term insurance, we must remember that small portable possessions, that we might utilise for our new hobby, need to be covered as well. Adding a new cell phone, removing the old cell phone… these are but simple examples. It is therefore recommended that you thoroughly review your short-term insurance portfolio at least once a year. Not only will it offer you peace of mind, but it will also ensure that you always pay the best price for the most appropriate cover.

Let’s touch on some facts confirming the importance of reviewing your insurance portfolio annually:

Certain life changes may affect your insurance premiums. For example, if you install an alarm system or park your car inside a garage, then you likely qualify for a lower premium on the respective policy. There are a lot of things that can impact the premium you pay, such as a change in address and the age of a vehicle’s driver.

Most people underestimate how many possessions they really have. Ensuring you are covered for the total value of your contents is vital. So, when last did you do a home inventory?

Some items must be specified to be properly covered. This may include expensive electronic devices, extras on your vehicle, jewellery, antiques and art. These are all items that we treasure and that may need additional cover.

Just like with any other sector, the insurance industry adapts, innovates and changes. There could be a more suitable product to meet your specific needs, compared to when you initially took out insurance or since last reviewed your portfolio.

The value of your belongings change every few months. For example, your vehicle’s value depreciates over time, while your jewellery and buildings may increase in value.

If you claim a lot and your loss ratio increases drastically then your premiums may go up. But, if you don’t claim for a specific period mentioned in your policy schedule, then your premiums may come down. Ensure you discuss this with your broker and see if you can save.

NOTE!
Not reviewing your policy, or not advising your broker when there are changes to your circumstances that may affect your policy, can result in a claim being rejected. It is not worth the risk and definitely worth the time to just make that call.

Speak to one of our advisors for more information and our expert advice.

As always, we are here for when you need us. #DisMosVoorpos