Updating Short Term Insurance

September 9 - With life moving at such a fast pace, many of us simply don't bother to think about our short term insurance policies after we take them out. As far as we are concerned, as long as we have a stop order for payment, everything is fine with the policy.

However, there have been too many stories of customers finding out too late that their policies were actually not in order when they needed them most. As a result, insurance experts have compiled a list of essential things to look out for on our short term term insurance policies.

The Head of Broker Distribution with Sanlam Insurance, Edward Gibbens had this to say: "Life moves so fast that clients often forget to inform insurers about changed circumstances and accumulation of new possessions. And they only realize the impact of this when they have to claim. Remember that while the value of your property increases, its content devalues."

Some of the things that are essential to note during your process of checking that your short term insurance policy is up to date include the simple fact of whether your policy is being paid or not. Not all of us actually check our bank statements each month to see that payment for our insurance and other expenses have been taken off. An insurance company will most probably cancel a policy if it is not paid for whatever reason, and it is worth checking this fact as soon as possible.

Another thing to check for is whether everything in your home is covered by the insurance policy. If it was taken out many years ago, the chances are that you have added many new gadgets and appliances to your household since then, making the initial cover far from adequate. Have a professional go over the value of your items and have them reinsured at their true value.