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Just Another New Year’s Resolution …

While making your 2019 New Year resolutions, don’t forget to include a review of your car and home insurance policies!
Home Insurance Tips
Doing an annual review of your home insurance policy may save you big bucks and a lot of grief down the road. Consider the following when you review your home insurance cover in 2019.
A change in your home’s value
Home values can increase significantly with time. For example: if you purchased your home for R3.5 million, ten years later it may cost R5 million to rebuild. This example would result in a coverage gap of R1.5 million, an amount you would not be covered for if your cover was still based on your purchase price.
Home improvement
Renovations and upgrades such as a kitchen or bathroom renovation or adding a new garage can significantly increase the value of your home. You should increase your cover to include the price of any upgrades.
Addition of valuables
A basic Homeowner’s insurance policy provides cover for your home and belongings, but it likely doesn’t cover all of your valuables. Items such as expensive jewelry, family heirlooms, artwork and antiques are usually not covered unless you specify them and confirm their value. Also consider any pricey “toys” you may have acquired over the holidays such as a new big screen TV, laptop or other high-value gifts – these items need to be added to your policy.
Car Insurance Tips
Many people allow their car insurance policy to automatically renew every year without really taking a second look at it. It’s convenient, but it can cost you in the long run if you don’t have the right cover. Consider the following when reviewing your car insurance cover in the New Year.
New Drivers in the Family
Do you have a teenager who just started driving? Even if they don’t have their own vehicle, they’ll need to be added to your car insurance policy. Adding a teenage driver to your auto insurance policy can be expensive in the short-term, but failing to do so could cost you money down the line should you need to claim.
Vehicle Status
As vehicles age, their values can drop significantly. You can save money by increasing your excess, lowering your cover or dropping some parts of your cover altogether. Before you do anything, it’s important to discuss the pros and cons of all your options with your broker.
The next step is easy, give us a call on 044 382 0550 and let’s get your 2019 review underway.

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