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Simplify your insurance cover in three easy steps

SmartInsure

Changing seasons can impact your insurance cover. You could end up paying more than you should. Simplifying your insurance can be a challenge. Here is how to do it in one clean sweep.

With every new season comes an opportunity to do a bit of “spring cleaning”. But this isn’t unique to your home, desk or closet - decluttering your insurance cover can ensure that you’re financially prepared for the next phase in your life. 

While this advice is not uncommon, knowing where to start can be a challenge. Here is how to do it in one clean sweep.

1. Review your cover: When’s the last time you’ve given your cover a good once-over? 

As the seasons change, so does the economy and most importantly, so do you. Unfortunately, many people only revisit their cover when it comes time to claim, not knowing they may be missing out on  an opportunity to save. 

This is because these events or changes impact your risk profile which inevitably affects your premiums. Without reporting these changes to your provider, you could be paying more than you should. 

2. Consolidate your cover: Having all your assets consolidated under one insurance provider is not only easier when having to claim but it can also signal a saving. Many providers are willing to negotiate a lower premium if you agree to bundle your insurance. 

If you do decide to consolidate however, ensure that the cover is still the same, and that paying the lower premium doesn’t affect your cover amount or the claim costs.  

3. Shop around: Don’t assume that the provider you’re with will always offer you the best rate. Do your homework by shopping around and comparing offers. 

People tend to be overly loyal when it comes to insurance cover. Instead, challenge yourself to be proactive about your insurance without compromising your cover. 

With the arrival of spring there is no better way to ensure you’re turning over a new leaf by maintaining your insurance, as well as your general financial wellbeing. 

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