Time for your midyear insurance check

It's hard to believe it's already the middle of the year. This is a good time to check your short-term insurance policies and make sure all the information presented there is still correct and valid. 

If anything has changed since the beginning of the year or since your last insurance review, including additions to your home or home contents or changes to your home security, you must contact your insurer and update your policy.

The same is true for businesses that might have made staff or operational changes, or replaced factory or office equipment.

It's important to thoroughly update your policies to ensure you're correctly insured. Failure to do so could see your insurance claims rejected should you need to claim, leaving you empty handed when you can least afford it.

While you're at it, make sure that your policies have been tailored to meet your exact needs.

For example, not many people know that they can be over-insured, and this can affect their ability to claim. Or that if there are certain conditions of cover that are not met, for example maintaining the fuel loads on properties in high fire risk areas, insurance claims can be outright rejected.

Uncovered losses can devastate personal and business finances. For this reason, your policies must match your need. You also need to ensure that you understand the terms and conditions used in your policy - especially in the face of evolving risks such as climate change and extreme weather.

Insurance actually forms part of sound financial planning and risk management for homes and businesses. Consumers and business owners are encouraged to look beyond the traditional 'grudge payment' thinking, and see the real value that insurance provides.

If your home, vehicle or business was severely damaged or totally destroyed, would you be able to repair or replace it yourself with your existing finances? The answer for most people is 'no', which is why insurance - even if you never claim - is so necessary.

This really highlights the value of insurance, and its role safeguarding your home and business assets (beyond that grudge payment you have to make every month).

Insurance brokers play a critical role in ensuring that their clients not only secure the best possible insurance coverage at the best rate, but that their insurer always acts in their interests.

As everyday risks change or become more severe, so insurers help consumers and businesses develop a sense of climate resilience; aid them in disaster recovery; and help them forge economic stability.

If you do no other admin this month, at least put a call through to your broker to check your insurance policy and make sure you're still properly covered for whatever might lie ahead for the rest of 2025.