Did you recently get married? Move in with your partner? Or maybe you made some adjustments to your property. Every year, our lives change and every new year we ‘spring clean’ the clutter to make way for the new resolutions. But more often than not there is one thing we always put on the back burner. The dreaded, yet all-important, insurance contract.
Your contract with your short-term insurer is automatically renewed, but for most consumers it simply ‘ticks over’ without having scrutinised it to check that you’re neither over or under-insured. This is all well and good, until disaster strikes.
The ombudsman for short-term insurance, Deanne Woods, repeatedly encourages consumers to review their insurance policies every year. At Santam, we recommend ‘spring cleaning’ your insurance policy may even help you save some money in the long run.
Marius Neethling, Personal Lines Underwriting Manager at Santam gives the below four tips on how you can ‘spring clean’ your insurance policy to help you save some money in the long run.
1. Adjust the amount you’re insured for: The main reason for reviewing your policy is to make sure that you are insured for the right amount – this is what insurers call the ‘sum insured or limit of indemnity’. Over the course of the past year, you may have bought a brand new bicycle and a couple of other items, all of which means you will have needed to adjust the contents of your home insurance cover.