If there is one common denominator among our clients, it's that they would probably rather be spending their hard earned money on something much more tangible than preparing for the ‘what if?’
Who wouldn’t want to save money on their insurance premiums?
If you can save a few dollars here and there without too much worry about how it could affect any future claims, then why wouldn't you? Here are our four tips to help you keep on top of what feels like ever-increasing house insurance premiums:
Look at the cover you have in place. As we journey through life our insurance needs change—from having kids and upsizing your home, to being an empty-nester and downsizing.
As we journey through life our insurance needs change.
Download: The best personal insurance plans for each life stage [infographic]
All of these milestones impact the type of cover you should have and how much you actually need. For these reasons, we strongly recommend that you review your insurance policies every 12 months.
You need to look at this early on to gain the best advantage. Level premiums stay at a constant rate for a set period of time. While they are higher initially, you can end up saving thousands in the long run.
Make sure you reduce the benefit amounts as your circumstances change.
While you were in your late 20's with a huge mortgage, a life insurance benefit of $600,000 was probably appropriate. However, if you’re now in your 50's with little to no debt, then you should consider reducing the insurance benefit and, along with it, your premiums.
If your medical cover is spiralling out of control, look to increase your excess on hospital and surgical claims. Similarly, when it comes to your house and contents insurance, you may want to consider choosing a higher excess in favour of lower premiums.
Revisit your insurance policies annually. This is the most important lesson that you should take away.
Revisit your insurance policies annually. This is the most important lesson that you should take away, because what was appropriate for you five years ago is unlikely to be suitable now.
Annual reviews are also an opportunity for you to better understand your insurance policies and how they will work for you in the event of a claim. Understanding helps make the intangible, tangible and, at the very least, can help make those insurance premiums more palatable.
Want to find out if you've got the right level of cover for your age? Check out our free infographic below!