We all know that when winter changes to spring and the temperatures start rising, we get that itch to clean up the garden (and even the house) so that everything is fresh and dust free. The one thing people often forget to dust off is their insurance policies. Relooking at your policy is important, because your life and belongings are constantly changing, which means that you might be over or under-insured.

So how should you go about “spring-cleaning” your insurance policy?

Personal information

Have you recently moved or changed jobs? Then you need to update your addresses accordingly, as it can affect both your monthly premium and whether or not your claim gets paid out. If you were recently married, divorced, or moved in with someone, or if your child was born or moved out of the house, then you need to update your beneficiaries as well to ensure that everyone and everything are covered. Also, have a look at your other personal information such as your banking details, contact details and debit order dates to ensure that they are correct.

Vehicle insurance

Ask your insurer to review your vehicle’s market value and depending on what they say you may have to relook your policy. Especially with older vehicles, as it might cost more to repair them than to write them off, which means a third, party fire and theft policy might make more sense than a comprehensive policy.

In addition, when speaking to your insurer, clarify all the things that you are covered for and make any necessary changes. For instance, if you’d like to add tyre and rim cover to your policy, this is the perfect time to do so.

Home insurance

While you are spring-cleaning your home, take note of all the things you’ve acquired during the past year as well as all the things you’re “letting go” of, either by giving them away, throwing them away or selling them. Once you have an accurate idea of your home’s content, update your policy. Very often people forget to update their home content policies and end up either being under-insured or over-insured. On the one hand, the problem with being under-insured is that the payout you’ll receive when claiming won’t cover damaged or stolen items. On the other hand, being over-insured means that you’ll be paying a larger premium than what is needed, as you’ll only receive a payout for the products in your claim, nothing more.

With regard to your buildings cover, make sure that all the extensions are covered – from the braai-area you built through to the extra room you added on and the solar geyser you installed. And while you are working around the house, check your structures to ensure that they are still in good condition.

All-risk insurance

When last did you see your all-risk policy? Have you possibly changed your phone, handbag or laptop or have you bought a new camera or bike? Then you need to update your policy! Because you take these items with you when you leave the house, there is a greater risk for them to get damaged or stolen, and if they aren’t covered accurately, you won’t get paid out.

Always stay on top of your insurance policy, so you can rest assured that you’ll be paid out accordingly when you need to claim. Speak to your Indwe advisor today about spring-cleaning your insurance policy and finding new solutions for you. Contact us today on 0860 13 13 14.

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