It is that time again when many of us resolve to make changes to better our lives. Have you done all your planning and are your ducks in a row for 2019? Update your inventory, ensure that you still have the right amount of cover and address any gaps in your insurance! Switch to us; safeguard your future and protect your assets with these tips when reviewing your car, home and business insurance policies.
Doing an annual assessment of your home policy may save you money and grief down the road. Reflect on the following changes as you evaluate your home coverage in the New Year.
The value of your home can increase significantly with time. For example, remodelling and renovations to your home will increase the value of your property. Ensure you contact your consultant and advise them on the change in value of your home and your cover can be adequately increased. If your home is still insured for the original price, then it would not be protected against extra expenses that you have incurred while repairing or replacing the contents of your home.
A householder’s policy provides cover for your home contents and belongings but does not cover all of your valuables. Items such as wedding rings, family heirlooms, artwork and antiques are usually not covered unless they are added to your policy. Add any assets you may have acquired over the holiday season e.g., a new big screen TV, laptop or other high-value gifts.
You probably take your car in for an annual check-up and service, but when was the last time you gave your car an insurance policy a check-up? Many consumers automatically renew their policies without reviewing it, as this is most convenient for them. However, this could be disadvantageous in the long run should you not be covered correctly. Think of the following changes as you evaluate your car coverage in the New Year.
Do you have a teenager that just started driving, does not have his or her own vehicle and will be driving your car? Then make sure to add your new driver to your car insurance policy. Adding a teenage driver to your policy can be expensive in the short-term but failing to do so could result in you having to pay money out of your pocket if there is a dispute over cover of the driver on your policy.
Insurance companies often offer additional cover such as repairs on mag wheels, alarm system and installation of tracking devices etc. When renewing your car policy personalise your insurance with add-ons that match your requirements.
The depreciation value of your car is considered when calculating the car insurance premium and it is important for you to know the market and depreciation value of your vehicle, as it will allow you to negotiate better premiums with your insurance provider.
When it comes to business cover don’t sit back and think that the automatic renewal of your cover will protect you against potential risk. In fact, it is important to assess your business and any changes that occurred in the last year, as you may be exposed to new risks. If your business has made any of the following changes recently, it is vital that you conduct a review at the start of the year.
If your business depends on electronic transactions for revenue, your policy should specifically address the business costs for loss of data and the functional capabilities of your electronic equipment, such as computers and lost software.
The more revenue you generate, the more assets you need to protect. Similarly, if you pull in less revenue than you once did, it's still a good idea to talk about your coverage needs with your insurer. Also remember that obsolete equipment may still be covered in your policy and you will need to update this accordingly.
If you have moved to new premises, you should take a look at your contract to determine the cover that you may need. Depending on your lease you may have certain items that have to be covered such as glass or air conditioning. Furthermore, relocating may mean that your business has greater risk exposure, based on the area and crime rate.
Don’t find yourself underinsured in 2019. Review your business, home and car insurance risks each year, in order to make sure that your policy accurately reflects and accounts for your current situation. PPS STI will work with you to evaluate any changes that have occurred and make certain that you are comprehensively protected in the year ahead. Contact us today for more information about our intelligent insurance solutions.