Top Tips for Spring Cleaning Your Insurance

With the arrival of spring comes a fresh sense of purpose, and the warmer temperatures motivate us to go outside and exercise more, clean out our cupboards and spring clean our homes.

What about giving your insurance a spring cleaning?

THE STRUCTURE AND CONTENTS OF YOUR HOME

If you've renovated your home, added that new kitchen or that man cave you’ve always dreamed about, the replacement value of your house and contents would have increased.

You, therefore, need to review and consider increasing the amount your home and contents are insured for. The structure of your house and the contents of your home must be insured at their replacement value. - that is, what it will cost you, at the time of a claim, to replace the building or possessions with identical, new structures or items.

ADJUST THE AMOUNT YOU’RE INSURED FOR

The primary purpose of checking your policy is to ensure that you are adequately covered - this is what insurers refer to as the "sum insured or limit of indemnity."

You may have purchased a brand-new bicycle and a few other items during the previous year, necessitating an update to your insurance policy coverage.

YOUR CAR

In South Africa vehicles are generally insured for Retail Value and not Replacement Value. Retail value, is the average value for which a specific model of vehicle is sold.

Speak to your broker, have a look at your insurance policy to ensure that your vehicle is correctly insured, and make special mention of all those after-market accessories, for example, the mag wheels and towbar as these items need to be specified to ensure they are covered.

We believe that the risks faced by each business and each individual is unique. We believe in providing each business, and each of our clients with a comprehensive insurance solution that addresses their own unique and individual risks. Contact us today!