9 hints that your insurance is outdated

The start of the new year is a good time to reflect on the past 12 months, and set new financial goals for the year ahead. These may include paying off debts or saving towards a deposit on a new home. However, thinking about your current insurance cover shouldn’t rank last on your “to-do” list.

Don’t be caught underinsured in 2019, use the information below to avoid costly gaps in your insurance cover:

  1. Update your vehicle insurance details. When you replace your vehicle, contact your insurance provider. If you sell your car, make sure it’s removed from your policy and add your new vehicle to your policy as soon as possible.
  2. A major home renovation can increase the replacement cost of your home, which means you need more insurance cover. Inform your insurance provider accordingly to ensure no new coverage gaps have emerged.
  3. Getting married? Talk to your insurance provider as you may need to add your spouse onto your homeowner, vehicle and/or life insurance policies as well as add jewellery cover for those sparkling engagement and wedding rings.
  4. Take a look around your home. Do you still have enough insurance cover to replace valuable items should you ever have to replace them in the event of theft or fire for example?
  5. Bringing home a new bundle of joy is the perfect time to review your existing insurance policies. Life insurance gives families the resources they need to stay on their feet financially should something unforeseen happen to you.
  6. Owning a business can be very rewarding. However, it also comes with a host of risks and liabilities. Contact Iemas Insurance Brokers and find a tailor-made business insurance solution to keep you and your business protected.
  7. If you are planning to hand over the car keys to your newly licensed son or daughter, it is important to inform your insurance provider to ensure they are added onto your short-term insurance policy and thus covered in the event of an accident, hijacking etc.
  8. When your one-stop-shop business turns into a multi-location enterprise, it is time to talk to your insurance. Protect a thriving business by listing every location on your business insurance policy.
  9. When you buy a new boat, motorcycle, caravan or trailer remember to contact your insurance provider to ensure all your big kid toys are insured. Without insurance the replacement cost could be astronomical, thus rather insure these from day one.

Make sure your belongings are secured in 2019! Contact Iemas Insurance Brokers to confirm whether your insurance policy is up to date: 0860 102 383 or email sti@iemas.co.za

Adapted from: https://www.grangeinsurance.com/tips/10-hints-you-have-outdated-insurance

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