Usually, before proposing a cover, we want to identify the replacement cost of the asset being insured in order to assess the risk we are taking on before giving a quote. However, we understand that clients are not very likely to be qualified in calculating such costs, which may result in an incorrect estimation of the true value. Therefore it is imperative that you do your due diligence to ensure your assets are valued correctly. You can do this by:
- Having regular valuation done.
- Make sure you policy correctly reflects the true value of your assets.
- Take note of new purchases that can increase the value of your assets.
- Perform a room-by-room audit that holds contents you are insuring. It is easy to remember big-ticket items, not so much smaller or cheaper items. This will help in providing a more accurate value when taking out your insurance policy.
- Keep updating your policy!
- In terms of businesses, it is important that a business works in proximity with their insurance brokers so as to continuously assess the sums insured and policy limits.
Final tip? Be vigilant; update your policy frequently. Sacos strives to offer a wide range of home and contents policies to meet your diverse needs as a home or business owner… We are here for you.