Pro-tips for property owners. Tip #3: Re-evaluate your sum insured
Don’t short-change yourself
Delving a bit deeper into getting your essentials in order, let’s look at why checking your sum insured is a crucial step. Understanding the value of your property is key. In tough times, the idea of lowering your sum insured to reduce your premium might seem appealing. However, this could lead to ‘under-insurance,’ a risky strategy that could backfire if significant damage occurs. Insurance is there to put you back in the position you were in before any mishaps, and cutting corners on your sum insured might leave you short when you need support the most.
Adjusting your sum insured often has less impact on your premium than you might think. Properly insuring your house to fully cover potential rebuilding costs might cost a bit more upfront, but it’s a move that can save you from significant financial headaches down the line. It’s not just a safety measure; it’s a wise financial decision. We recommend taking the time to consider the true value of your property and choosing a sum insured that ensures you’re fully protected. It’s all about finding that sweet spot to keep you covered without overdoing it.
Get started by logging in to your initio dash to check what cover you currently have for your property
OTHER ARTICLES OF INTEREST