How often should you review your insurance policies?
Once you’ve got your cover sorted, it’s easy to check it off your list and forget about it. However, as you move through life, changes are bound to happen. Here are some important times in your life when you should review the insurance policies you have in place.
Generally, your insurance policy should be reviewed every year or so, but to make sure you’re protected when you need it, you should review your cover whenever a big change occurs in your life.
Here are some important times in your life when you should review the cover you have in place.
1. You’ve recently renovated your home
If you’ve built a brand new deck for summer, or added on a room or two, this will need to be reflected in your house insurance policy. This is because any renovations or remodelling can increase the value of the property and therefore increase the amount you’ll need to rebuild should the worst happen. When you’ve completed your renovations, review your home insurance to make sure the sum insured is up to date.
2. You’ve expanded your family
If your family now includes a little one, you might like to update your insurance policy to keep them protected. Some insurance providers even offer free or discounted cover for your children with certain policies, so be sure to have a chat with an insurance adviser if this is something you’d like to know more about.
3. You’ve purchased a high-value item
If you’ve recently bought an expensive tech gadget, or a brand new mountain bike, you’ll need to make sure that the contents insurance policy you have will cover it. For certain items to be covered, some insurance providers require the items to be specifically detailed and its value included. If you’re not sure, it pays to mention it to your insurance provider to be safe.
4. You’re now retired
When retirement is on the cards and you’re ready for some well-earned R&R, your insurance cover will likely need to change too. Depending on whether you continue to work part-time, any income protection insurance will need to be reduced, and if you’ve downsized your home, you’ll need to look at getting the right cover for your new home.
5. You’ve bought a new car
Vehicle insurance usually goes hand in hand with the purchase of a new car, but you’ll need to make sure that your new policy is right for your needs. If your new car is a bit of an upgrade and has a better safety rating or a more advanced security system, these changes will need to be reflected in your vehicle insurance policy.
Want to review your insurance policies to make sure they’re still working for you? Get in touch with us!
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