Peace of mind when holidaying: Make sure all your insurance boxes are ticked

Johannesburg- It is essential to manage risks and safeguard your property before going on holiday.

Remember that good risk management is not supposed to be a last-minute consideration.

Talk to an insurance adviser and make sure to check all the boxes before your insurer’s end-of-year cut-off deadline for policy amendments.

Many insurers’ cut-off for policy amendments can be as early as the end of November. You should arrange a meeting with your adviser to discuss any changes to your policy.

If you leave it too late, you may be exposed to risks and stress.

Accurate replacement costs

Home contents’ insurance is a crucial place to start, since many people with home contents policies are significantly under-insured. The cumulative value of furniture and items in the home is often vastly underestimated. Just as an example, most of us have no idea what it really costs to replace the contents of our closets.

A study by Quantum Risk Assessment shows that 79.4% of South Africans are under-insured by 51.9% of the value of their possessions.

Take the time to go through the value of your home contents before holidays and make sure you have included accurate replacement costs for electronics, clothes, valuables, and art, in the event of a break-in, fire or flood.

Basic safety precautions

When it comes to building insurance, there is nothing more crucial than proactive risk management. It is standard for policies to have a number of stipulations and exclusions. A rejected claim can be disastrous, particularly after the expense of a holiday.

With this in mind, it is important to check all external locks and safety doors, activate alarms and beams, and check their backup batteries before you go on holiday.

In addition, notify your private security company that you will be away for an extended period of time.

Remember that your security measures must reflect the terms in your insurance policy, otherwise, claims may well be rejected.

By Bertus Visser.

• Visser is chief executive of distribution at PSG Insure.

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