When was the last time you reviewed your insurance cover?
Most likely you haven’t. Unless you have an insurance broker of course.
When to Review your Insurance
Insurance is not a set and forget strategy. Life and business move quickly and it’s important your insurance keep up with what’s happening. For all you know, you could be paying for insurance you don’t need or risk being caught short because you haven’t upped your insurance inline with inflation or increased value.
Too many people take the easy way out. Ticking the instant renew box without thinking it through or considering whether their insurance is keeping up with their life and business needs.
Here are the top questions you need to ask when it’s time to renew.
- Do you still need it?
The first question to ask is do you still need this type of insurance? Is it covered in another policy or have your circumstances changed?
- What’s changed?
Consider what’s changed this year and whether the insurance you have would cover your out of pocket expenses if you needed to claim.a) Income – has your income changed since last year (up or down)
b) Do you own more assets? Have you purchased new assets for home or business that aren’t specified in your cover?
c) Debt – has it gone up or gone down?
d) Family – has your family life changed? Married/Divorced/Kids etc?
e) Employment status – have you changed roles? Self-employed?Employee?
f) Business – has it grown in size? Do you have more employees or contractors working for you?
g) Business – has the type of work you do changed? This could change the risks you face.
- What if nothing has changed?
It still pays to review your insurance each year even if nothing has changed to cover inflation and a rise in value of any assets you may own.
There may be new products that have even greater features and sometimes where there is intense competition for your business you may get the same insurance cheaper. So it pays to shop around.
- Who can help?
Lucky for you, an Insurance Broker can help you review your insurances and can recommend when it’s time to update or change your cover.
Do you need help? Contact us today – we’d love to help.