- You should talk to a qualified financial advisor when deciding to review your insurance to save money.
- You get what you pay for: Not all policies are the same – premiums differ and so do the covers.
- Cover what’s crucial: Cover what’s important to you. For instance, if you have recently taken up scuba diving as a hobby, have your special equipment specified separately in your policy.
- Keep your policy up to date: Cover should reflect needs and lifestyle. For instance, a 22-year old driver has a different risk profile to that of a 55-year old. If you make alterations to your home by adding extra curtains or new furniture – ensure that your insurer is informed of these changes at all times.
- Put the professional to work: Buy short-term insurance from a qualified insurance advisor who can advise you objectively and take responsibility for admin matters and claims.
- Be your own risk manager: Manage your risk to contain insurance costs. You achieve this by taking certain safety measures such as ensuring that doors and windows that open to the outside are fitted with security gates and burglar bars; alarm systems are working at all times and special security locks to sliding doors are fitted.
- Beware of under-insurance: Make sure that the sum insured reflects current reality. For instance, if the contents of your house are worth R250 000 and you are only insured for R150 000, the reality is you have cover for only 60% of the actual worth.
- Size is important and so is location: It pays to deal with an established insurer such as Mutual & Federal who has a reputation for quick and fair claims settlement.
- Honesty is the best policy: By submitting honest claims, you keep premiums affordable.
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