You are Here > Home > Financial Sense Home > Video: Spring clean your insurance

Video: Spring clean your insurance

Oct 27, 2020

Whether you’ve recently made property upgrades or added a few new items to your home, it is time to spring clean your insurance policies to check that you are adequately covered.

Your short-term insurance policy is automatically renewed almost every year but it is up to you to check that your cover is still sufficient and that you meet the policy’s terms and conditions, to avoid a claim being rejected.

Make sure your home contents are insured for the correct replacement value. For most people, the contents of their home will most likely change from year to year, as new items are bought. The replacement value of old items may also change over time.

The correct replacement values of your possessions must be provided to the insurance company to avoid being penalised for being underinsured, in the event of a claim.

It’s worth asking your insurer to send an assessor to undertake a full assessment of your household contents.

Test your home alarm system on a regular basis. If theft takes place as a result of a faulty alarm, then the claim is likely to be rejected. This also includes an alarm with a flat battery.

Claims where the loss is determined to have been as a result of poor home maintenance or negligence, are also most likely to be rejected. Failing to properly maintain your home could result in an increased risk of a rejected claim.

When it comes to car insurance check whether your policy stipulates that cover is only provided for a specifically named driver. An insurance claim will only be successful if this driver was behind the wheel at the time of the incident. If other people will be driving the vehicle from time to time, it is important to check what the implications of this are for the policy.

You pay for insurance, so make sure you put the correct measures in place to a guarantee a successful claim.

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

Maya Fisher-French author of Money Questions Answered

Previous Articles

Video: Set goals for money success

The key to achieving our money goals is to use psychology to set us up for success. When it comes to our money goals, behavioural economist Erik Vermeulen says we need to set specific long-term goals, but also have built-in intermediate success measures to make our...

Video: Investing in bitcoin

Whenever we see a surge in the price of bitcoin, I get a lot of queries from people asking how they can invest. The problem is that people are lured by the prospect of high returns rather than actually understanding what they are investing in. A sure way of telling...

Video: Understand your electricity bill

The cost of electricity will increase by 15% in April. That is triple the rate of inflation which means a bigger portion of our budget will go to paying for electricity. It is worth taking the time to understand how your electricity is charged for and to find ways to...

Video: The true cost of cashing in your pension

Do you know the true future cost of cashing in your pension? The long-term consequences are not reversible and will leave many financially destitute when it comes to retirement. This video, as part of a member education series for the Government Employees’ Pension...

Video: How to grow your side hustle

In any crisis there is opportunity. Lockdown created new market opportunities as customers became open to trying new brands through e-commerce. Research has already identified that post lockdown, people are less likely to return to major shopping centres, preferring...

Video: Make sure you receive your retirement benefits on time

As you enter retirement, one of your biggest risks is a delay between when you receive your final salary and the first payment from your pension. This video, as part of a member education series for the Government Employees’ Pension Fund (GEPF), explains what you need...

Video: Changes to provident funds

On 1 March 2021 the Taxation Laws Amendment Bill of 2020 came into effect. It contains changes that have a direct impact on the members of provident funds. These changes are part of a process to simplify the retirement fund industry and bring provident funds in line...

Video: How to stick to your money resolutions

Why is it so hard to stick to our New Year resolutions? We know that if we want to lose weight we need to eat less and exercise more. To grow wealth we must spend less and save more. So why then do we give in and buy the chocolate bar when we purchase our groceries,...

Video: No early pension access for GEPF members

Members of the Government Employees’ Pension Fund (GEPF) can not “borrow” or withdraw from their retirement savings. Cashing in your pension is “stealing” from your future self! This video, as part of a member education series, explains why GEPF members should not be...

Pin It on Pinterest

Share This