Short-term property insurance 101: Preparing for the end of the year before it catches up with you

Short-term property insurance 101: Preparing for the end of the year before it catches up with you

As the year draws to a close, many of us are busy planning holidays, family gatherings and festive activities. However, amidst all the excitement, it’s essential not to overlook the importance of reviewing and updating your short-term insurance policies, also ensuring that your cover reflects the current value of your possessions. Be it your home or your business, your insurance cover and security measures are important components to ensure a safe festive season. By understanding the potential pitfalls to avoid, you have the power to protect your property and business effectively.

Common errors to steer clear of
One of the most significant errors that may lead to claim rejections is incorrect or outdated information on your insurance policy. This includes providing inaccurate details about the insured property or failing to update your policy when circumstances change, such as renovations, added security features or new valuables acquired. Ensure that all information is accurate and up to date so that no issues arise at claim stage. Another common mistake is not reading your policy document thoroughly. Ensure that you are aware of any exclusions, exceptions or special conditions that could affect your claim.

Another common issue might be having security features in place but not using them properly. This may affect the outcome of an insurance claim.

Additionally, many homeowners forget to inform their insurance provider if they plan to leave their property unattended for an extended period whilst not leaving it unattended may be a requirement for maintaining cover.

If your business will be left unattended, implement robust security measures such as CCTV surveillance, alarm systems and secure locks. Make sure that all valuable equipment and documents are removed from the site or safely stored. You may even consider hiring security personnel or using remote monitoring services to keep an eye on the property in your absence.

In addition, consider the following measures to keep your property safe:

• Hire a house sitter: Having someone stay at your home can deter potential burglars and ensure that any issues are promptly addressed. This helps as there will be regular activity at your home, such as curtains opening and closing, as well as lights coming on and going off. If you can’t hire someone, consider installing solar / timed lights that come on at night or that turn on automatically when motion is detected.

• Arrange for mail collection: Especially if you are unable to hire a house sitter, ask a trusted neighbour or friend to collect your mail and newspapers. This will give the appearance that someone is home. The same can be said for putting out your wheelie bin on bin days and taking it back inside. A lack of bin activity is often a tell-tale sign that no one is home, just like mail gathering in your post box.

• Secure your systems: It’s important to test your alarm systems, including the battery, to ensure they are fully functional. It may even be worth having these serviced if you haven’t done so in the last year. If you have an automatic garage door, this should also be factored in. Also check a manually locking garage door or security gate to make sure the locks are secure. Consider installing cameras for added security and check that all your burglar bars and locks are in good condition. Any repairs or replacements needed should be completed as soon as possible and factored into your insurance cover. For example, if you have an alarm system installed, it needs to be specified and kept in good working order.

• Be savvy on social media: Exercise caution when sharing your holiday plans on social media, as this can alert potential thieves to your absence. This should apply before you leave as well as during your vacation, as tempting as it may be to share your movements.

A proactive approach to insurance not only safeguards your assets but also ensures that you can focus on what truly matters during a joyous time of the year. Working with a short-term insurance adviser will assist you in considering all factors of the insurance cover you need. As is so common at this time of year, the holidays will be here before we know it, so it’s important to update your insurance as soon as possible. Gift yourself with peace of mind.