A periodic review is good practice if you have had your policies in place for some time as your cover may need to be reassessed and adjusted to meet your current needs.
Individual circumstances change over time and consequently there may be coverage that needs to be removed, restructured, added or increased. Changes in relationship status, address, renovations, or your business/occupation etc. all warrant a review of your policy, as you do not want to risk being underinsured or incorrectly insured.
To safeguard against underinsurance, consider all of your liabilities and review your sums insured frequently, not just at renewal.
When comparing policies, consider product inclusions, deductibles, exclusions and coverage limits that are most appropriate for your needs. Check the cost of your policy to ensure you are not overpaying for what you are receiving and that your coverage remains comprehensive. It is also worth noting some policies, such as income protection insurance, are tax deductible.
For more information please contact:
Anthony Bourke
Director – Insurance services
P +61 9608 0145
E
abourke@moorestephens.com.au