Under Insurance: Avoid the dreaded shortfall

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How you can avoid becoming underinsured

Getting a policy to cover your existing belongings is important, but an additional responsibility is reviewing and renewing your insurance policy to avoid becoming underinsured.

This is what you need to do regarding your insured belongings:

  • With the inflation of precious metals, revalue your expensive jewellery.
  • Make an inventory of your home contents with serial and model numbers where applicable. Remember that if you buy anything new, add it to the list.
  • Because you won’t likely remember all your contents by heart, take photographs of all the smaller elements like jewellery, art, and antiques. These photos should be kept safe with your policy documents.

When it comes to your residential or commercial property, you should assess the structure of your house every few years, and if there are any additional changes or renovations to the insured property, always keep your adviser or broker informed.

This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your adviser for specific and detailed advice. Errors and omissions excepted (E&OE)

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