Spring Clean your Insurance Policies
- gaynor6
- Apr 28, 2018
- 3 min read
Spring may be the time of year for cleaning out drawers and organizing cupboards, but it´s also a great time to review your insurance cover.
You should take a look at all the insurance you have and check if it is correct or if you are lacking cover in places.
As your life changes so do your insurance needs. Instead of just dusting around the corners of your insurance policies this year, take the time to read them over and ask yourself the following key questions:
1. Is my home covered for its full rebuilding cost?
Review your policy to make sure that you have enough insurance to rebuild your home. If you have made major improvements to your home, such as adding a new room, enclosing a porch or expanding a kitchen or bathroom, you risk being underinsured if you don’t adjust your homeowners insurance coverage limits.
The rebuild cost is calculated on the m2 so if you have not informed your insurer you could be under insured.
2. Do I have enough coverage for expensive items?
Have you bought or received as a gift any valuable jewelry since you purchased/renewed your policy? And, when was the last time you had the items you owned valued?
Standard home insurance limits for the theft of certain types of expensive items like jewelry, furs and silverware. This means that the insurer will only pay the amount specified in the policy—generally up to 2000€. To insure these items to their full value, they should be specified.
But remember that items can go up or down in value so have periodic valuations to make sure you are purchasing only the amount of cover you actually need.
The best way to keep track of your belongings and make sure they are adequately insured is to create a home inventory ( Create a list, take pictures and keep receipts)
3. Do I still need comprehensive cover on my car?
If you’re driving an older car that is worth less than 1,000€ to 1,500€ this optional cover may no longer be cost effective. Consider saving money on your premium by dropping to third party fire and theft.
4. What kind of holiday will I be taking this summer?
If you are taking an expensive, pre-paid holiday or an active holiday such as biking or hiking in an exotic location, travel insurance can help protect the financial investment in your holiday.
You should ensure this is in place when you have paid for the holiday for cancellation and curtailment to be operative.
You should always look at taking Holiday insurance for the medical cover as even a simple broken arm can run into a few 1000€ ( A private ambulance alone can cost 600€)
5. Should I rent out my house during the holiday period?
Whether you own a second home that you plan to lease to a tenant, or want to rent out your primary residence though an online service such as Airbnb, your first step should be to call your insurance agent. Depending on the rental scenario, your standard homeowners policy may not cover losses incurred while your home is rented out, and you may require a more specialized insurance policy.
6. Life Insurance
If you currently have cover do you have enough to cover looking after your family in the event of your passing? Have you changed your job ? Have you taken up a sport or maybe even bought a motorbike ?
All the above are scenarios that you should think about.
If you do not have life insurance .... why not ?
Most importantly, whether it’s winter, spring, summer or Autumn, plan a regular talk with your insurance professional so he or she can help you get the coverage you need.
Contact GPS Insurance Services for all your insurance requirements
Tel: 722708615
Email: admin@gpsinsuranceservices.com
www.gpsinsuranceservices.com
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