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Ok. Got itHaving insurance cover does not necessarily mean you are covered fully – benefit from our expert advice.
By Christelle van den Berg, Head of Broker Channels.
With the festive season approaching, it’s a good time to check whether your short-term insurance cover is sufficient so that you can have peace of mind if you are going away.
Having insurance cover does not necessarily mean you are covered fully
While having a short-term insurance policy is a step in the right direction to avoid unplanned expenses, it’s critical that your policy provides the right level of cover to avoid nasty surprises when things go wrong and you need to claim.
What does it mean if you are ‘underinsured’?
If you are underinsured, it means that the cover amount of your policy, ie the maximum amount that you can claim, is less than the cost of replacing or repairing the property or particular item. In other words, if you have to claim, the money that you will receive won’t be enough to cover the replacement or repair cost in full, and you will have to pay in the difference between the cover amount and the actual cost from your own pocket. And, depending on the amount you have to pay in, it could mean that you cannot repair or replace what has been damaged or lost.
How to avoid being underinsured |
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If you are going away, taking precautions before you go can help keep your home safe and give you peace of mind. |
It’s always better to be well prepared rather than to have to deal with unpleasant surprises when you return home from your holiday. Here are a few tips for keeping your property safe this festive season.
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If you need to claim, beware of 'soft fraud'.
Insurance fraud costs insurance companies millions every year. To help you avoid the trap and spread the word, it’s important to have a better understanding of what it is. Soft fraud (also referred to as opportunistic fraud) is very common, and falls into two main categories:
Your policy terms and conditions will stipulate what will happen if you are found guilty of having committed insurance fraud. Possible consequences if you or anyone claiming under your policy submits a fraudulent claim, include the entire claim being rejected, any payments already made to you in relation to a claim being recovered, or your policy being cancelled.
Having the right cover is important.
If you don’t have home and house contents insurance, or you have not reviewed your existing policy in a while, it is important to get advice about how to:
Want to know more? Here's what to do:
Protect your personal and business assets against life's uncertainties with our advice and insurance products and services.
Protect your personal and business assets against life's uncertainties with our advice and insurance products and services.