Regular reviews with your adviser are important for several reasons:
You can make sure that your cover is adequate and up to date. Your adviser can help you assess the value of your assets and the risks you face and recommend the best policy for your needs. You may need to increase or decrease your sum insured, add, or remove items, or change your excess or limits.
You can save money and avoid overpaying. Your adviser can help you compare different options and find the best deal for your budget. You may be eligible for discounts, loyalty benefits, or multi-policy bundles. You may also be able to reduce your premiums by improving your security, or driving habits.
You can stay compliant and avoid penalties. Your adviser can help you understand vehicle and license legal requirements and obligations that apply to your insurance. For example, it may be advisable to have a minimum level of third-party liability cover for your vehicle or disclose any changes or modifications to your house, contents, or vehicle.
Failing to comply with your insurance policy or not updating an insurer of loss of license, or, a criminal conviction, can result in fines, cancellation, or rejection of a claim.
By reviewing your House, Contents, and Vehicle Insurance with your adviser at least once a year, or whenever you have a significant change in your circumstances, you can ensure that your insurance is suitable, affordable, and effective.
You can also have peace of mind that you are protected in case of an unexpected event or loss.
You can check what the Insurance Council of NZ has to say here.
