2025’s midway mark is already behind us, but it’s still the perfect time to ‘take stock’ and ensure that your financial house is in order. Now is as good as any time. It’s important to reflect on personal and financial goals, from cost-cutting and boosting savings to fine-tuning long-term financial plans. While these areas are important for building financial wellbeing, one aspect often overlooked is short-term insurance.
Life has a way of delivering the unexpected such as a burst geyser in the middle of a stormy winter night, a minor car accident that leaves you without transport for a week while repairs are done, or the theft of a valuable personal belonging. These events can quickly escalate into costly setbacks. The right insurance means you have the financial back-up to manage any damage and recover faster.
Fortunately, reviewing and updating your insurance coverage does not have to be time-consuming. By following three simple steps, you can ensure your policy works for you when you need it most.
- Review your current policies.
Read your insurance documents carefully. Even if no changes are needed, it’s worth refreshing your memory on what you are covered for and to note any specific conditions. This process can also remind you of your own responsibilities for example, ensuring that the back-up power for your electric fence is operational or booking a car service to prevent minor issues from becoming expensive problems. - Conduct a lifestyle check.
Consider any new valuable assets you have acquired, such as electronics, appliances, vehicles, or sporting equipment. Similarly, think about upgrades to existing possessions, like a new home security system or additional car accessories. Gradual changes can increase the value of your assets and, if not reflected in your policy, could leave you underinsured. - Connect with your insurer.
They can advise whether your coverage is still adequate, highlight any limits on your policy, and suggest ways to save, such as bundling policies or unlocking discounts. Staying in touch ensures your insurance keeps pace with your changing needs.
