ARE YOU RIGHTLY INSURED?
As the season shifts, many homeowners are inspired to declutter and freshen up their spaces. Similarly, it’s a timely reminder to revisit and refresh your insurance policies, ensuring they remain both adequate and current.
It’s a well-known routine: Short-term insurance policies frequently auto-renew every year. However, many policyholders might not pause to rigorously examine their coverage. This diligence ensures that they’re neither over-insured nor under-insured, crucial when unexpected challenges necessitate a claim.
Christelle Colman, CEO of Ami Underwriting Managers, underscores the value of being a forward-thinking policyholder. “Many are unaware of the savings they could tap into. By being a conscientious insurance customer, you not only decrease the chances of claim rejections but might also benefit from reduced premiums,” advises Colman.
Here are some invaluable insights Colman offers to keep insurance policies pristine and pertinent:
1. Home Insurance:
- Consistent Maintenance: Keep in mind, claims resulting from negligence or poor upkeep might be declined. Regular home attention reduces potential claim challenges.
- Update Home Contents Value: Our possessions change as years progress. It’s vital that your policy mirrors the current replacement values to avoid under-insurance pitfalls during claims.
- Routine Alarm System Tests: Keeping a fully operational alarm system is paramount in homeowners’ insurance policies. Regular checks, battery replacements included, are key.
- Carry Out Regular Home Contents Appraisals: As time moves, the worth of home contents invariably increases. Periodically adjusting these values with your insurer guarantees relevant coverage.
2. Motor Insurance:
- Yearly Policy Review: Some policies specify coverage strictly for named drivers. It’s essential that your policy is up-to-date with the actual drivers of the vehicle.
- Review Vehicle Values: As vehicles age, many wonder why insurance premiums don’t decrease alongside vehicle depreciation. The key reason is the rising costs of vehicle parts and labour. While the vehicle’s market value is only significantly considered in total loss cases, escalating repair costs largely influence the premium. With technological advancements leading to expensive components, even minor damages can mean hefty repair bills. It’s crucial, therefore, for vehicle owners to annually review their car’s value and insurance coverage to ensure comprehensive protection against unforeseen costs and maintain peace of mind.
A pivotal message from Ami Underwriting Managers is the importance of timely communication with your insurer about significant changes. This clarity about your insurance coverage not only protects your assets but ensures peace of mind, letting you enjoy the rest of the year worry-free.
Colman concludes, “A clear understanding of your coverage safeguards more than just your assets; it protects your peace of mind. Be informed, be secure.”