Spring Clean Your Insurance: Tips to Help You Save

As you make your way through your spring-cleaning checklist, don’t forget to look at your insurance. At Ngenious Business Solutions, we think ‘spring cleaning’ your insurance policy may even help you save some money in the long run.

ADJUST THE AMOUNT OF COVERAGE YOU HAVE

This is what insurers refer to as the "sum insured or limit of indemnity." The primary purpose of reviewing your policy is to ensure that you are adequately covered. You may have purchased a brand-new bicycle and a few other items within the past year, necessitating an update to your insurance coverage. Important to remember, the sum insured on your contents insurance needs to be the CURRENT REPLACEMENT VALUE of all items. In other words, what it will cost to replace the items today.

YOUR HOME'S STRUCTURE AND CONTENTS

If you have undertaken home renovations, such as the addition of a new kitchen or a dream man cave, it is likely that the replacement value of both the property and its contents has seen a rise. You must therefore evaluate your home and contents insurance coverage and contemplate increasing it. The structure of your home and its contents must be insured at their replacement value - that is, what it will cost you, at the time of a claim, to replace the home or its contents with identical, new structures or items.

YOUR VEHICLE

In South Africa, vehicles are typically insured for their retail value, not their replacement cost. Retail value is the average price at which a particular vehicle model is sold. Speak with your broker, review your insurance policy to ensure that your vehicle is properly covered, and be sure to mention all of the aftermarket accessories, such as the mag wheels and towbar, as they must be specified to be covered.

Want to find out more? Contact us for more information.

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