When life changes, so should your insurance

Life evolves all the time as we get married, grow our families, move home or retire. Did you know that your insurance should evolve with you as you move through these life changes?

If you're not sure when to reassess your insurance, here are our top 10 life events that require a policy re-evaluation:

Renovating your property

Whether you're upgrading your kitchen, adding a pool or adding on a granny flat, these changes increase the value of your home, which has an impact on your building insurance cover.

Buying expensive items

If you collect designer jewellery, art or Persian rugs, or enjoy investing in top of the range appliances, your home contents cover needs to be updated each time you purchase a new item. If you plan to take it out the house, you'll need to specify the item on your policy.

Getting married

When two people share a home together, there are naturally more items that need to be insured. Instead of maintaining two individual policies, combine all home contents and personal belongings into one policy, with items specified as needed.

Getting divorced or separating

The opposite is true in the case of divorce or separation. Carefully review the home contents you are keeping so that you're only paying to insure those items, and not appliances or other items that have since left your home.

Starting a home-based business

Planning to start a side business from home? Chat to your insurer first. Not all equipment can be insured under a home contents policy, and may need separate insurance. Incorrect insurance could negate future claims.

Change in employment or income

If you have left your formal employment and now work from home, or have reduced your hours in the office to a few days a week (therefore driving less), talk to your insurer about the impact of this on your home and vehicle policies. You could qualify for reduced premiums or may need to adjust your cover.

Your child starts driving

When teenage children start learning to drive in your car, it's important to add them as a driver to your insurance policy. Once they get their own vehicle, they'll need their own insurance cover - but don't forget to remove them from yours.

Experiencing a theft, loss or major damage

After you have claimed for a theft, loss or damage check your cover and excess. Talk to your insurer if you don't replace the items, or if you replace them with items of higher value.

Selling a major asset

Whether it's a high-value bicycle, trailer, caravan, or specialist items like artwork or rare collectibles, selling big-ticket goods means these items must be taken off your existing insurance policies.

Severe weather events

Severe weather is increasing, but are you covered for it? Check if your policy covers you for weather events, and the extent of the cover and conditions attached. Amend your policy if you're not fully covered in the case of an extreme event.