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Why updating your insurance regularly matters
Upgrading your home? Remember that your insurance needs to be upgraded too.
As you progress through life, you’ll naturally make changes – like focusing on a healthier lifestyle, expanding your family, or advancing in your career. It’s important to remember that when your life changes, your insurance should too.
Benefits of updating your insurer regularly
Your insurance covers only what you ask your insurer to cover. For example, building insurance covers buildings on your property against the costs of unexpected damage or loss. If you’ve added a new thatched lapa outside your house, you might think you can keep your costs down by not telling your insurer. But here’s the catch: if anything were to damage the lapa, it might not be covered under your policy. If your insurer doesn’t know about it, you might not be able to claim for the damages.
Not keeping your insurer informed might also be considered a breach of your insurance agreement and could affect your cover. Read the terms and conditions of your insurance policy carefully and make sure you understand them, as there may be stipulations about timeframes and exclusions.
However, the good news is that when you do tell your insurer about changes like this, they can adjust your policy to fit your new setup. Keeping your insurer in the loop helps you avoid any surprises during a claim. When they know about your new additions or changes, they can ensure that you’re fully protected, giving you peace of mind when unexpected events occur. It’s a win-win – you get the cover you need, and your insurer can provide the support you expect.
The process of informing your insurer
Updating your policy can vary depending on your insurance provider. Nedbank Insurance policyholders can simply call 0800 333 111 to update their policies.
But even if you’re with another insurer, it’s usually a straightforward process. If you need to make changes, start by sending them an email, explaining that you want to update your policy. They will then arrange for the right person to contact you and guide you through the necessary steps.
Or check your insurer’s website. You might find helpful information there about how to update your policy. Many insurers offer forms and guidance online to make the process easy.
Just as change is certain, so are unexpected events – and insurance can help you handle them
Areas that could impact your insurance claims
- Property changes (including alterations and extensions)
Any modifications or additions to your property can affect your insurance claims.
- Personal circumstances
Life events like marriage, childbirth or retirement can alter your insurance needs.
- Occupation changes
Your career decisions can impact your life insurance. Certain professions may carry higher risks, and changing your occupation might require adjustments to your life cover.
- Health status
Changes in your health, such as new medical conditions or treatments, can affect your health insurance claims.
- Driving habits
Changes in your daily commute or the regular driver listed in the policy can affect your vehicle insurance claims.
- Property security
Improvements to your home’s security, including alarms or surveillance systems, may be a requirement in policies that cover you for theft or damage.
Understanding changes in property risk and value
When you upgrade your home – for example, by adding a new kitchen or expanding your living space – it can affect the amount of cover you need. If you keep your insurer informed about these changes, your policy can be updated to match the current replacement value of your home and the associated risks. You’ll be properly protected and there will be less chance of any claim disputes.
Keep your policy in good standing
Think of it like this: your insurance is like a safety net for unexpected challenges that might come your way. So, when things in your life change, your safety net needs to adapt to the change – let your insurance company know. This allows you to keep your insurance agreement in good standing, making the claims process a lot easier and ensuring that you have the right amount of cover. Just as change is certain, so are unexpected events – and insurance can help you handle them. Keep your insurance up to date, and you’ll have peace of mind no matter what life throws at you.
