Insurance Updates: staying ahead of the curve
In today’s modern world, protecting everything from your health to your house, your car to your watch, means carrying insurance. It is so much part of our lives that nobody questions that it must be so. However, just setting up your insurance needs across a variety of valuable areas is not enough. From the moment you have read the small print and signed those papers, you will need to make sure that you keep these critical agreements up to date and relevant.
Benefits of updates
Every year, there are a number of things to keep in mind, review and, if necessary, revise. People who keep tabs on their insurance policies as much as they keep an eye on their investments, tend to reap the returns of being vigilant and quick to take up opportunities to save or be rewarded.
- Your cover is dependent on your payment of monthly premiums.
- In all events, it is your responsibility to ensure that you pay your monthly premiums timeously.
- Any changes in your banking details must be communicated to your insurer – it is not the insurer’s responsibility to keep up to date with this.
- Many people buy a policy and never think about it again. This works to your detriment when important changes have taken place in your life, such as marriage and children; since claiming against an out of date policy can present a nasty shock. No one is going to know when to update your policy unless you tell them.
- Keeping up to date with your insurance – from house to health to holiday – ultimately saves you money. There’s nothing worse than finding yourself under-insured in context of today’s costs, and having to pay out unexpected amounts simply because you have not updated your policies.
Setting up and keeping score
Any life insurance policies need to be reviewed regularly to ensure that changes in your situation or lifestyle are recorded and included in your policy. Your policy should also be linked to inflation so that ultimate payout becomes worth your contributions over the years and not just a token gesture that fails to meet the expenses of a changing world and your circumstances.
It is wise to regularly update the evaluation of your house – and upgrade your insurance in accordance. People are notorious for forgetting about this. It’s not your insurer’s responsibility to remind you – you need to take care of the fluctuating fortunes of the market.
- Have you made any structural changes to the building?
- Keep up to date with the different excesses applicable to the various sections of your policy.
- Speak to your short-term insurance broker or service provider to assist you with getting an assessment every two years (if you need assistance you can contact us).
- Contact your insurer or your broker to arrange any alterations to your policy.
Probably one of the most vulnerable areas for under-insurance relates to home content claims. It is a reality that underinsurance affects nearly 80% of all claims pertaining to contents of homes.
- Always ask your insurer for an inventory form every year in order to update your possessions – you may have new items or disposed of others, and this will change your insurance profile and affect your claim.
- Always list high-value items like jewellery, artwork and collectibles. In the event of a claim, you will need to produce an up-to-date valuation certificate for all valuable items exceeding R25 000, such as jewellery.
- Take pictures of rooms and important individual items.
- Videotape your home by walking through it and describing the contents throughout the house.
- Save an inventory list on your personal computer and store it on a separate disk or drive.
This refers to any loss or damage that occurs to any possession while away from your property. As these items are invariably changing in value year by year, it’s important to remember how much value you are carrying with you when you leave the house, such as: cell phones, electronic equipment, computers, jewellery, watches, spectacles, or any other items of value that you may take away from your property.
- If your vehicle is specified for private use, it may be used for social and domestic purposes, as well as in your profession when driving between your residence and permanent place of business. Only in exceptional cases may it be used for business purposes. If it is used regularly during the execution of your profession, it has to be insured for business use – so make sure you have conveyed this information to your insurer.
- The personal details of the regular driver, date of first issue of driver’s licence, as well as the area where the vehicle is used, will be taken into account during the underwriting process to determine an applicable premium.
- Regularly check the market value of your vehicle and ensure that all extras and equipment are taken into account.
Let our expertise be your peace of mind
The BellRyck Financial Group boasts a proud history spanning three decades. We offer short-term insurance, as well as long-term financial investment products and advisory services through our specialist network of service providers.
Our commitment to fostering lasting relationships built on trust and personal service, has allowed us to create valuable partnerships with both individuals and businesses. Prescribing to the highest standards of ethics and integrity, we have developed the acumen and flexibility to successfully evolve with the changing financial needs of our clients.
Find out more by visiting: www.bellryck.co.za