New year’s resolutions like skipping fast food and hitting the gym more often are great, but if you really want to have a happy, healthy new year you should be thinking about adding one more thing to the list: getting to know your insurance policies.
You buy insurance hoping you never need it. However, if you ever had to lodge a claim, would you really know what your policy covers and, more importantly, what it doesn’t?
For that matter, have you ever reviewed your policy? If you had a big loss, do you know what will be covered? If not, it’s time to get out your policies, start reading the fine print and getting in contact with your East West Insurance broker.
It’s important that your home & contents insurance policy is up-to-date. Has the value of your home changed? Have you made any improvements within the last year? If so, it is important to notify your broker of any changes.
For many families, the holidays also bring with them brand new expensive presents. The best way to protect these new additions is to make a list of them and other items of value. This list will help you and your broker determine whether your existing insurance is enough to cover these items, or if you need to adjust your schedule. Should you ever need to go through with making a claim, this inventory will help expedite the wait time and ensure your losses are verified.
Many people also do not know that some disasters such as flood and storm cover, are not always covered by a standard homeowner’s policy and usually require separate coverage. Think about the devastation any of those events can cause.
Many people set up their motor insurance once and forget about it. If it has been a few years since last checking your level of coverage, you may need to re-look at your current needs. In some cases, your needs may have changed, and you may need less or even more insurance. Additionally, it’s a great time to contact your broker to notify of any changes you would like to make.
In many cases, not knowing the contents of a motor insurance policy isn’t too unusual, given the fact that policies – particularly the comprehensive type – include a wide array of protections that can help spare motorists from financial ruin. You may, however, find yourself in a situation in which you think you are covered, when in reality you may be forced to cover out of pocket expenses. Understanding your motor insurance policy is critical.
Perhaps for Christmas, you received new fishing gear, skiing or diving equipment. Or, you have decided to take your boat out of the water to begin renovating it. If any changes to circumstances have occurred, let your insurance broker know as you may need to adjust your level of cover.
Get to know your Insurance Policy
Understanding your insurance policies can be tricky. It is extremely important to know what your policy does and does not cover in advance of any illness or injury, so you can know what charges you will be responsible for. With the help of your East West Insurance Broker, we can help you navigate your policy and use it to your advantage.
Reading the Product Disclosure Statement (PDS) will also help you understand your insurance policy and provide you with sufficient information about the terms and conditions, policy benefits and exclusions. This will allow you to compare different insurance policies you may be considering and make an informed decision about whether the policy meets your needs. If you do not fully understand the PDS, give your broker a call and ask for more information. You must be satisfied that the policy is what you need before you go ahead with it.
At East West Insurance Brokers, we seek to make your life easier. If you are in any way unsure of what your policy includes, get in touch with us today. Our brokers can get you the information you need, whether in person, online or over the phone. Having regular contact with your broker should alleviate some risks for your personal and business needs. As always, contact your East West Insurance Broker today: