Small Steps: Review Your Insurance
If you haven’t reviewed your insurance in the last couple of years, you’re not alone. Most of us set up our cover, start the monthly payments, and never think about it again. But as life changes—whether it’s a new baby, a home renovation, or a change in job—your insurance should change too. This month’s Small Steps action is to pull out your policies and see whether they still stack up.
Are you still properly covered?
Life doesn’t stay the same, so your insurance shouldn’t either. You might now have more to protect, or your financial situation might mean you're paying for cover you don’t need.
Some common examples of changes that might require an insurance review:
Home improvements: If you've upgraded your kitchen, added a deck, or renovated a bathroom, your contents or house insurance sum might be too low.
New kids or dependants: If you’ve had children or taken on more financial responsibility for others, your life and income protection insurance may no longer provide adequate support.
Big purchases: A new TV, laptop, or electric bike? Your contents insurance may need updating to cover the increased value of your belongings.
Changing jobs or income: If your salary has changed, your income protection insurance might need adjusting to reflect your current earnings.
On the flip side, many people find they're over-insured—paying too much for outdated or duplicate policies they no longer need.
Where to start
You don’t need to tackle all your policies at once. Start with the most relevant ones—typically contents, health, and income protection.
Pull out the latest documents or log in to your insurer’s online portal. Look at:
The sum insured: Does this reflect your current assets or income?
The excess: Are you paying too much out of pocket in the event of a claim?
The premium: Could this be reduced by adjusting your policy or shopping around?
The scope of cover: Does it include the things you actually care about, like accidental damage, dental care, or income protection for illness or injury?
If you’re unsure where to begin or what cover is right for you, a licensed insurance adviser can guide you through your options and help align your policies with your current needs.
Why it matters
Being under-insured can leave you exposed when you need support the most. Being over-insured means you’re spending money that could be used more effectively elsewhere—like paying down debt or saving for your future.
A quick insurance review might only take 30–60 minutes but could save you hundreds in premiums or provide greater peace of mind that you're covered when it counts.
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