How change impacts your insurance


When it comes to insurance, assumptions and complacency can lead you into deep waters. Take a moment to think about your current home insurance policy.  Are you assuming that it will meet your needs regardless of the fact that time has moved on and your circumstances have changed?

You may, for instance, have started working from home – which means that your policy will need some adjustment in order to give you the cover you require.  You may have added a cottage or bought a fancy new TV – and that too will impact your cover.  

It is of paramount importance to maintain a transparent relationship with your insurer and discuss any changes in your circumstances with them.

Joe Szemerei, Executive Director of Indwe Risk Services says, “See your insurer as an ally, someone who is in your corner, someone whose focus is on ensuring that you are able to recoup any losses and rebuild your life when you’ve been through a tough experience.”

However, Szemerei cautions that it’s a two-way street and your insurer can only support you if you fully disclose what it is that you wish to insure and the relevant value of those items.

Make a list of additions and changes that have taken place since you signed your original policy. Then contact your insurance provider for advice. A simple change will be inexpensive, a more complex change might mean a bit extra on your premium – but it’s worth it.

Szemerei adds that having contractors on your property comes with its own set of insurance requirements, “The first step when it comes to home renovations is to obtain proof that hired contractors and sub-contractors are covered for injury either by their own policy or yours. The last thing you want is to land up being sued.”

Szemerei also recommends the following:

  • Inform your insurer if you are moving home, selling home or putting your belongings in storage
  • Check that your policy covers the transportation of your household belongings from house A to house B
  • Check that you are covered for faulty workmanship, whether DIY or professional

In order to reap maximum value from your insurance, you need to be able to rely on a professional advisor who is associated with a reputable insurer. Szemerei is clear on the benefits, “In this business, we often see cases of people whose lives are turned upside down simply because they failed to seek advice. By making a quick call, you can avoid a world of pain.”