You’ve taken out your insurance policy with your broker, with the understanding that you will be placed in the same financial position as you were before loss or damage happens.
To ensure that your experience is stress-free, Michelle Beeton, Key Account Manager at OLEA South Africa, previously Apio Group shares some useful tips to ensure that your claim is paid.
1. Regular reviews of your Insurance Cover
Meet with your insurance broker at policy anniversary to discuss your benefits and cover limits Sums insured should be reviewed and amended where necessary, items that are taken out of the house must be specifically insured and any changes to your risk must be disclosed.
If you have accessories on your vehicle, these should be noted on your policy.
2. Notify your Broker
Whether you are involved in an accident or have suffered a loss, it is important that you let your broker or insurance company know as soon as possible. Most policies have a clause that says you must advise them of a claim within 30 days of the occurrence. Failing to do so may result in your claim being rejected.
3. Know what you can claim for
Insurance covers you for sudden and unforeseen events that can be traced to a specific date and time, and that are caused by an Insured Peril. (Think of storm damage, power surge, or a burglary). Sometimes damage can happen over a period of time, for example rising dampness or wear and tear. Your policy will not cover any damage that can be attributed to an event that happened over time, or that could have been avoided if regular maintenance was carried out.
There are certain events that are specifically excluded; make sure you are familiar with what’s not covered. For example:
- Damage caused by your pets.
- Not complying with minimum security requirements.
4. Keep your invoices
When you claim, you will be asked to prove your loss. This means you will need to provide proof of ownership and/or proof of value. This can be in the form of sales slips and valuation certificates. If you don’t have your slips, photographs and original packaging will support your claim
If you are unsure of what your policy covers, contact your broker to ensure that you are not out of pocket if something happens to your cherished possessions.
Talk to your Olea Key Account Manager for more information.