Downgraded or upgraded your medical aid? Check. Reviewed your budget? Check. Car value adjusted? Check.
However, if you think your financial due diligence is done and dusted for the year, think again…you also need to reassess your household contents cover to ensure that you are not under-insured, insured for valuables you no longer own or do not comply with the terms and conditions of your policy.
The best way to keep track of your possessions and ensure you can replace them in the event they are damaged or stolen is to compile an insurance inventory.
An inventory, especially one that you save online, is incredibly useful as it can be updated easily and as needed. In addition to adding items to the list, you can also remove ones that have been damaged or lost or given away so you ensure that you comply with all the necessary obligations of your policy and won’t have a future claim repudiated.
A good inventory includes photographs of all insurable items, a description of the item and – where applicable – serial numbers and valuation certificates.
According to MiWay, an inventory is also good to have as it allows you to easily and regularly adjust the insured value of your possessions.
MiWay also recommends having an independent expert assessor examine possessions of significant value or heirlooms (such as jewellery, art, carpets and ceramics) to correctly assess the value of the items.
It is generally recommended that you insure your possessions for their replacement value, this is the amount it will cost you to replace your contents or vehicle with new items today so as not to be out of pocket in the event of a loss.
An example of a household inventory from MiWay Insurance can be found at https://www.miway.co.za/site_files/documents/home-contents-inventory.pdf.
Life is not just about “things” – but the meaning that those things bring to your life. Safeguard your valuables so that you can continue to live your way and enjoy those precious moments.
MiWay is a licensed insurer & FSP 33970. Ts & Cs apply.