- By Indwe Risk Services
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It’s the start of a new year, which makes it the ideal time to check that all your insurance policies are up to date. We recommend that you review your policies annually, to make certain that you are not over or underinsured. Here is a quick checklist to help you avoid any unexpected – and expensive – surprises in 2018.
Did you buy a generator in 2017? Have you recently renovated your kitchen or replaced your roof? If you have improved the value of your home or made any additions to its contents, then you need to look at your insurance policy to check that you are adequately covered. In addition, if you celebrated the festive season by giving and receiving gifts, you will also need to re-evaluate your household policy to add in any new items such as a TV, fridge or home computer.
But it’s not only about adding new things to your home inventory, as you must remove items that you no longer own. You want an accurate record so that you’re insured for the correct amount.
Whether you were fortunate to receive a new piece of jewellery during the year or you simply want to protect a family heirloom, you don’t want to be underinsured if anything is lost or stolen. As you wear your jewellery when you leave your home, it should fall under All Risk insurance. It is also essential that you have a valuation certificate for your jewellery, and that it is updated at least every second year.
Speak to your insurance advisor for help and to check that your treasured items are insured at the correct value. You can also ask that they keep your certificates, so you know they’re in a safe place.
During the past year it is likely that you will have bought new material items, such as sunglasses, a camera, laptop, sports gear or a cell phone. Objects like these – that you take out of your home – need to be included under All Risk insurance.
Look at your list of specified items and update it with your new purchases, while also removing things that are no longer in your possession. Not only does this guarantee that you are now properly covered but, based on what you remove, you may also decrease your premiums.
Vehicle accidents and theft are a reality in South Africa and even if you’re a hugely cautious driver, it’s essential that you have an insurance policy in place that adequately covers you and your possessions. For peace of mind, speak to your Indwe advisor to confirm that your vehicle is insured at the correct value. In addition, you are responsible for the upkeep of your vehicle (such as having roadworthy tyres) so that you limit the possibility of your claim being rejected.
To ensure that you’re adequately protected, speak to your Indwe advisor today on 0860 13 13 14. An experienced advisor will confirm what you’re covered for, so that you have no unpleasant surprises during the claims process.
Indwe is an Authorised Financial Services Provider. FSP: 3425