Homeowners would do well to make short-term insurance resolutions this year, says Bertus Visser, chief executive of distribution at PSG Insure.
◆Stick to your declarations: if you have an alarm, use it. If you have a locking garage, lock it.
◆Your insurance premium is based on your risk profile, which must be honest and accurate.
◆Be aware of special considerations in your neighbourhood: Some areas, particularly in Gauteng, have dolomite, making subsidence a higher-risk. PSG has seen an increase in sinkhole claims. Cover for your property in these instances needs to be specified.
◆Do not under-insure your contents: Under-insurance represents the worst-case scenario in a large claim. Your insurer will pay out a claim proportionately to the sum insured, and if you have underestimated the value of your household contents, it can be a costly mistake.
◆Don’t forget to communicate changes: Failing to update your policy when something changes, or you buy something new, is an error easily avoided.