Every year, our lives change and we usually ‘spring clean’ the clutter to get our lives in order before the year gets too busy. However, there is usually one thing we always postpone. The most fearful but very significant, insurance policy. Your contract with your short-term insurer is automatically renewed, but for most consumers it simply ‘ticks over’ without having scrutinised it to either check that they are over or under-insured.
Marius Neethling, Personal Lines Underwriting Manager at Santam gives the below tips on how you can ‘spring clean’ your insurance policy to help you save some money in the long run:
- Adjust the amount you are insured for: The main reason for reviewing your policy is to make sure that you are insured for the right amount. Speak to your insurance broker to negotiate a better rate with your direct insurer on your behalf.
- Underinsurance: Underinsurance is when you have insufficient insurance to cover the replacement value of items that were lost, stolen or damaged. Every year the value of your possessions change and you might have purchased additional items during the year – thus speak to your insurance broker to ensure that you are completely covered.
- The structure of your home: If you have enhanced the value of your home by replacing your roof, re-doing your kitchen or improved your home by installing a swimming pool, you need to increase the amount your house is insured for too. Your house (its structure) and your belongings (the contents of your home) must be insured at their replacement value.
- Your car: Your car should be insured at a ‘reasonable market value’. Reasonable market value is the retail value, which is what a dealer would sell it for, considering its age, the mileage, the condition of the car and any extras. Get a competitive quote from a consultant today by calling us on 0860 102 383.
Iemas Insurance Brokers is an authorised financial service provider (FSP 47563) and a wholly owned subsidiary of Iemas Financial Services. We offer affordable comprehensive insurance for your car, home, buildings, personal belongings and more. Call us today for more information on 0860 102 383 or visit our website here: www.iemasinsurancebrokers.co.za.