Just like taking your car for a service or visiting your dentist once a year, you might also want to consider revising your investment, banking and insurance portfolios.
Having the right financial portfolio is a big step towards prosperity but you must be manage it proactively. The beginning of a new year is the ideal time to do this because our needs and circumstances change all the time – your portfolio should reflect these changes.
Head of Standard Insurance Limited, Johan van Greuning, says many people don’t realise that even a simple change of address or occupation can affect their car insurance premiums or home cover. Even buying a pricey item for your home will affect a household contents’ insurance premium. “Fine-tuning your finances will not only keep you on track with your investments, it will also save you money and ensure that your insurance policies remain valid and current,” says Mr van Greuning.
Van Greuning explains the different types of insurance that can help you manage your finances better:
Vehicle insurance
As your vehicle gets older its value changes. This means you could be saving on your car insurance. Make sure to always compare quotes before making a final decision on which type to get. Always inform your broker of where you stay because your location definitely affects your car premium. Neglecting to inform the insurance company could result in a claim being refused.
Home insurance
If you have installed a security system in your home, call your broker because your premiums might be reduced. So any house improvements, like extensions or renovations, will increase the value of your home so you should increase your insurance coverage. Make a record of all your insured assets for an easier claim process. Better still, keep the receipts of expensive purchases. Don’t leave out assets when applying for household insurance; it will negatively affect a claim.
When doing renovations on your house, call your insurance company to check that you’re covered for any building damage that might occur.
Car and home insurance are crucial – without it we can never be sure if we’d be able to pay any unexpected expenses that crop up.
Life insurance
The thought of dying or losing a loved one is unbearable but having a life insurance policy guarantees that your family will be well taken care of after you pass on. If you have a new addition to the family you’ll need to increase your cover.
If you get remarried and want to include other family members, you have to make sure you put everyone down in your will.
Business insurance
If you run a small business from home, you need to remember that damage to the business contents or the office premises is separate from your home or household contents cover. Speak to your broker to find out how you can protect your business from theft and fire to everything else you don’t want to happen.
