Homeowners should review their insurance policies every year as belongings often change, says Bertus Visser, chief executive of distribution at PSG Insure.
He offers two tips to help homeowners do this:
◆ Take note of all the things you’ve acquired and got rid of in the past year. This helps you reach the insurance sweet spot – you’re not under-insured or over-insured. When you have an accurate idea of the value of the contents of your home or office, contact your adviser and update your policy. Templates online can help too.
◆ If you note an item you’ve replaced or that has changed in value, get the changes included on your policy as soon as possible. These could be new security features or a back-up power supply.