A mid-year check

Is your cover still fit for purpose?

With the first half of the year behind us, now is an ideal time to reassess your short-term insurance cover and ensure it still reflects your current circumstances. Life changes quickly, and a policy that suited your needs six months ago may no longer provide the protection you require today.
 

Have you renovated your home, upgraded your kitchen, installed solar panels, purchased a new television, cellphone, jewellery or other high-value items? Have your children started driving one of your vehicles, or have you purchased a new vehicle yourself? These changes could affect your insurance needs and should be reflected in your policy.
 

It’s not only about adding cover. Reviewing your policy can also ensure that you are not paying for insurance you no longer need. For example, an older vehicle may have depreciated in value, while security improvements such as alarm systems, electric fencing or living in a secure estate could positively influence your risk profile.
 

Check your replacement values

One of the biggest risks facing policyholders is underinsurance. Rising construction and replacement costs mean that the sums insured on your policy may no longer be sufficient to rebuild your home or replace its contents following a major loss. Remember that your building sum insured should reflect the cost of rebuilding your home, not its market value.

Consider whether:

• Your home’s rebuilding costs still reflect current construction prices;
• Your policy includes cover for debris removal following a major loss;
• Your household contents are insured at realistic replacement values;
• Solar installations, gas appliances and other additions have been installed and are certified correctly.
   

Don’t overlook liability cover

Personal liability cover can protect you against legal costs and damages if you are held responsible for injury to another person or damage to their property.
 

Stay informed

Insurance policies evolve over time through endorsements, extensions and changes to policy wording. Regular reviews with your broker can help ensure that you understand your cover and are aware of any changes that may affect you.
 

Consider the Safire Stellar Policy

If you’re reviewing your insurance arrangements, now may be the perfect opportunity to explore the Safire Stellar Policy (qualifying criteria apply). Designed to provide comprehensive protection and valuable benefits, it offers policyholders the confidence that their cover can keep pace with changing lifestyles, assets and risks.
 

A mid-year insurance review takes only a short time but could make a significant difference should you need to make a claim. Speak to your Safire-approved broker today to review your current cover and discover whether you qualify to enjoy the benefits offered under the Safire Stellar Policy.
 

Please note: The information contained in this article is not offered as ‘advice’ in terms of the Financial Advisory and Intermediary Services Act 2002 as amended, and policyholders should consult with their intermediaries and the policy wording to ensure a full and complete understanding of the cover offered to them in terms of the Safire policy of insurance.

Source: www.safireinsurance.com