All family dynamics are different, and each family member may have insurable interests or unique input when checking that all considerations have gone into short-term insurance cover. Last month marked an updated budget for the country and the end of another tax year. This month, why not focus on making sure your own house is in order? Evaluating if your family’s short-term cover is in check is a great place to start.
Women and men may think differently about cover, complementing each other in the review process. It’s important to play to the strengths of the individuals in your household (however it is made up) and to have the different points of view and opinions put the bigger picture together. This will make it easier to account for everything that needs to be insured.
Some dynamics may also have shifted in your family home or will shift in time to come, which can impact your cover.
Empty nest? Empty out your unnecessary cover
You may not realise you are still covering the insurance on your older child’s car, or on items you sold, gave away or replaced in your contents. Going through your policy schedule meticulously will help highlight any glaring glitches to review. Also use the time to note addresses, excesses or any other elements of your cover that may need to be amended.
Keep in mind that if your child is moving to a new school or heading to university next year, you should set a reminder to review your cover well in advance.
If you find yourself in an emptier house, you might consider downsizing. Or perhaps this is the year you and your family are planning to move homes. It’s a good idea to assess where you’d like to move to from an insurance perspective first. Dolomite areas, for example, will have an impact on the level of cover you need and on your insurance costs, while in some neighbourhoods, adding (or not adding) certain security features to a new home will impact your risk profile.
This may be the year you decide to add a new car to the family. When looking for a vehicle to buy, choose the model you have in mind. But before you take the leap, shop around for insurance on your hypothetical purchase, to be sure of overall affordability.
Note the extras
Often, short-term insurance policies come with extra benefits for policyholders, so it’s worth checking what your premium includes and how this can make life easier for your family.
Did you know that your home contents insurance may cover your groceries against theft (up to a limited amount)? If your groceries are stolen out of your vehicle, this could really come in useful. Many home insurance policies also include ‘handyman’ insurance, which would help towards covering call-out fees and some of the labour costs of plumbers, locksmiths, or electricians. Roadside assistance may also be included in your premium, so make sure you know who to contact in an emergency.
Check that you are familiar with all the benefits available to you as part of your premium. It may even be a time to adjust your cover to get the best benefits for your family.
For the love of enough cover
There are probably plenty of precious items in your household, and many would cost more than you’d think to replace. Consider a woman’s handbag for example. When you factor in the bag itself, sunglasses, perfume or make-up – let alone a purse or cellphone – the value adds up very quickly. Or think about what you paid for your television. Is its true replacement cost factored in? An expensive watch or piece of family jewellery may also make regular appearances – but are they covered?
For full peace of mind, take the opportunity to review your cover as a family unit, and make sure you’ve looked at all your possessions and unique insurable interests thoroughly. Chat to your adviser if you’re unsure about any of the cover your family may or may not need.