Set time aside to review your short-term insurance policies

(Bertus Visser, Chief Executive of Distribution, PSG Insure)

Your short-term insurance policies are automatically renewed annually and often with an increased premium, but you should take the time to review your policies to make sure the cover still suits your needs.
Take the following points into consideration in the reviewing process.
Your personal details

It’s important to make sure your personal information is still correct on the policy schedule, for example your contact details, postal and street address, email address and contact numbers. As your policy is month to month, check that these details are correct on a regular basis.
Your home

Insurance on your property is calculated by looking at the replacement value based on the current building costs per square metre as well as the fixtures and fittings used. It is essential to make sure that your home is insured at its correct replacement value. Ask yourself whether your insurance would cover rebuilding your entire property if it were to be completely destroyed, as well as the cost of demolishing it.
Check that the construction of the building is noted correctly on the policy schedule. Also remember that thatch roof lapas must be specified separately. If the size of a lapa is more than 15% of the roof surface of the main residence and is within four metres of the main house, the main residence will be regarded as a thatch roof risk.
If you have made renovations to your property such as the addition of a room, green features or a generator, be sure to specify them as well. Security must also be reviewed and checked against the requirements of your policy. These requirements can change, so be mindful of that.
Your contents

Contents are insured at replacement value and average pricing also applies. Make provision for accidental damage cover in your policy. This is optional and does not form part of the normal cover but can really make a difference if you need to claim.
In addition, you should make sure that the limit (sum insured) of cover for unspecified items that you carry on, or with you is still adequate. Valuations for jewellery must not be older than two years, while items like cellphones, laptops, iPads (and extras), bicycles, prescription glasses and camping equipment must be specified, or these items will not be covered if stolen from your home. You may have purchased additional items since the last time you renewed your policy, so make sure they are included.
Your vehicle

Adjust the value of your vehicles to the correct re-sell value and specify all extras that are not standard on the vehicle, for example if you have added a special sound system. Make sure that the VIN, engine and registration numbers are correct in your policy. Pay attention to the details of the regular driver and whether or not the car is for personal or business use, as well as the security of the vehicle and address where the vehicle is kept.
Additional cover is also available such as excess waiver, cover for your tyres, car hire or a top-up option.
For any questions on the reviewing process, chat to your financial adviser.

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