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10 Insurance tips to consider

TIP 1: Make sure all your asset descriptions are correctly noted

You must make sure you accurately and truthfully note the cost and the full description of your valued assets. This will make it easier when you claim and make the claims process smoother.

TIP 2: Update the asset values on your policy every year

The value of your assets can either grow or decline over time. That’s why it’s important to track and adjust these values on your policy every now and then. It’s recommended that you amend your values every year to avoid being over- or under-insured; else you may be subject to the average amount of the item or asset.

TIP 3: Add new purchases to your policy

When purchasing a valuable asset, remember to add it to your policy as soon as possible, so that it can also be covered against damage or theft.

TIP 4: Remove sold or disposed assets from your policy

You don’t need to pay insurance for items you no longer own. So, when you sell an asset, remove it from your policy as soon as possible to avoid spending more on your premium.

TIP 5: Review your risk profile in your different life stages

As your circumstances change, so will your risk profile. By keeping your details up-to-date with us, you will benefit from a reduction in your premium, since you fall into a lower risk profile.

TIP 6: Take an affordable excess

An excess (or first amount payable) is the amount of money that you, as the insured person, are responsible for in the event of a claim. The excess is the uninsured portion of your cover. Make sure to choose an excess that you can afford. Note that if you select a higher excess, it usually results in a lower premium and vice versa.

TIP 7: If it’s financed, insure it

When you make expensive purchases on credit, it’s wise to take out adequate cover. You are liable to settle any outstanding finance on an item purchased, even after it has been lost, damaged, or stolen. If your policy does not cover the particular loss (or the asset wasn’t insured in full), it will cause an additional strain on your finances as you would need to pay the outstanding amount.

TIP 8: Insure before you take ownership

Before you take ownership of any asset, contact one of our friendly consultants to arrange for cover. Make sure you do not take possession until cover has been confirmed by us in writing.

TIP 9: Importance of disclosure

Any circumstances, good or bad, that would influence an underwriter (such as additional terms applied by another insurer) must be disclosed. Failure to do so, when taking out your policy, could result in your claim being rejected or your policy declared void.

TIP 10: Review your insurer, broker, cover, and premiums

As your circumstances change, your rationale for using a particular insurer could change. It’s important to know that you are paying for a policy or service that you still need. Get market comparisons on your current cover and premiums to ensure that your policy is in line with current market trends and practices.

Momentum Insurance Company Limited is an authorised financial services provider (FSP 30414) and part of Momentum Metropolitan Holdings Limited.

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