Regularly reviewing your insurance policies ensures your cover remains accurate and up to date. As circumstances change – such as income, property value, dependents, or lifestyle – your insurance needs may shift too. A periodic review helps identify any gaps in coverage, prevent over- or under-insuring, and confirm that premiums and benefits still offer value for money. Taking the time to reassess your policies each year can improve financial security and ensure you’re properly protected when you need it most.
1. Gather All Your Policies
Start by collecting your current insurance documents – digital or paper copies. Include:
- Home and contents insurance
- Car insurance
- Health insurance
- Life or income protection insurance
- Travel or pet insurance (if relevant)
Tip: Create a simple spreadsheet or folder to track renewal dates, coverage amounts, and insurer contacts.
2. Check Policy Dates and Renewal Cycles
Look at the policy start and end dates. Most policies renew annually, so set a reminder 4–6 weeks before renewal to review and compare options.
3. Review Your Coverage Levels
Ask yourself:
- Have your assets increased in value (e.g. home renovations, new valuables)?
- Have your circumstances changed – such as a new job, family member, or property?
- Does your coverage match current needs (e.g. underinsurance is common after home upgrades)?
Update coverage amounts or add riders to reflect your current situation.
4. Compare Premiums and Excesses
Check whether your premiums have increased and if your excess (the amount you pay when making a claim) still makes sense for your budget. It can be worth shopping around or asking your insurer for a loyalty discount or multi-policy bundle.
5. Check Exclusions and Conditions
Review the fine print. Look for:
- Any new exclusions added at renewal
- Changes to claim limits or sub-limits
- Clauses that may no longer suit your lifestyle (e.g. working from home, home-based business use, etc.)
6. Update Personal Details
Make sure your contact details, nominated beneficiaries, and vehicle or property information are current. Outdated details can cause claim delays or rejections.
7. Seek Professional Advice
Consulting an insurance broker or financial adviser can streamline the process. We’ll review your policies, compare options across insurers, and help tailor coverage to your goals.
Quick Checklist
- Policies collected and renewal dates noted
- Coverage matches current assets and lifestyle
- Premiums and excess reviewed
- Exclusions understood
- Details and beneficiaries updated
- Professional review completed
SPEAK TO AN ADVISER