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Is Your Insurance Coverage Ready for the Year Ahead? A Comprehensive Review. Review your current insurance products

Updated: Feb 26

Take some time to review your current insurance products, including your motor and household insurance cover. Life happens, circumstances change, you need to ensure you are adequately insured throughout the year to prevent any claims from being repudiated.

So, where do you start if you want to review your insurance and ensure everything is correct across your insurance policies? Continue reading as we offer a guide on short-term insurance, why claims are rejected, and what to expect from the year ahead when choosing Wallstreet Financial Services.

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Most claim repudiations happen when there is non-disclosure or when the client fails to disclose all relevant information. Whether it's an oversight or deliberate, it will affect your claim. Check your information on record on your policy document.

The easiest way to review and organize your insurance policies is to create a one-page summary for each policy you have. Most insurance policies contain a page in front of the contract, called a "declarations page" or "policy summary." It will contain most of the information you want to review.

You can also create your own summary of your policies on an excel spreadsheet or word document. Write down all of the relevant information on your own template to help you understand it and remember it. There may be items the insurer doesn't include in their summary, so you can make your own customized itemized list by conducting your own review.

Note the following important information;

  • Who the insurance provider is, and what their contact details are?

  • Your policy number/s.

  • The date the insurance was issued

  • The premium you pay. Premiums play an important role in your decision to take up short-term insurance and while reviewing your cover.

  • You need to look at what the excesses would be. Is it a fixed excess, a percentage of, or a combination of both? Some insurers will apply both if certain conditions are not met.

  • What is covered under your insurance, and who? Your spouse may need to be covered as the regular driver of your own car, for instance.

  • The extent of your coverage and any limitations.


It is important to review your insurance policy annually because all too often, we set insurance policies aside in a drawer and forget that some items in them need to be updated from time to time as circumstances change. Then, when the time comes to make a claim, pay a bill, or renew, we're left scrambling or hunting through files for policy details that are most likely outdated.

Below are some of the main reasons you should review your short-term policies regularly:


A lot can happen in a year that can affect your insurance coverage, costs, limitations, options, and more. Some of these events include:

  • Children leaving home

  • Starting a new job

  • Starting a new business

  • Starting a family

  • Purchase or receipt of an expensive gift

  • Paying off your bond

  • Buying or selling your house

  • Buying or selling your car or adding more vehicles to the household.

Each of the above can trigger substantial changes in your insurance coverage needs and your premiums. If you move to a new house, you should update your insurer even if you only have motor insurance because the risk address changes and may affect your premium. Should your car be stolen from the new address without this update, then you risk repudiation of your claim since the risk address was incorrect.


Sit with each of your household and motor policies and scrutinize your coverage. Is your car covered comprehensively or only for third-party? Is your household insurance covering everything for your home it needs to, or have you recently purchased new items which need to be added? Suppose you have forgotten to cover an item in your house or portable possessions and it is stolen. In that case, your claim could be repudiated because its value or serial numbers were not listed on the policy.

If you have recently downscaled, then inspect your cover. It may be too high, which means an update could potentially lower your premiums.


Home additions and renovations can change the overall value of your house as well as the costs of repairing it after a covered event. Ensure your household cover is reviewed to ensure any new changes have been updated and are covered in the event of a claim. The right insurance cover allows you to protect your investment; however, only if you have the right types of coverage and the right amount of coverage to make it happen.


After reviewing your policy, you may notice that you have too much cover in place, and adjustments may lower your premiums. You may also be able to take advantage of any discounts offered by your insurer. Something as simple as installing security features in your car could help you save on your insurance premiums. If you have added security features to your vehicle, your car insurance premium may be reduced. Some of these safety features could include a tracking device. Updating the wiring in your home or adding a new alarm or security system may result in a discounted premium for your home insurance.

Bundling your policies under one insurer can also lead to an added discount on your premium.


Does your insurer request a tracking device or not? If they have asked for a tracking device to provide you with cover, and you fail to install one, or delay installation thereof, it can affect your claim.

A vehicle inspection may be another clause necessary to avoid claim rejection. Consumers see this aspect as a bit of a schlep or a nuisance, but it is actually a great way to show your insurance company that your precious vehicle is in good condition. Like underwriting, when the insurance company requests medicals to be done, on the short-term side, it assists them in expediting your claim because, on the inception of your policy, they have a record of how your vehicle looks and the condition thereof.

Family under an umbrella


If you are looking for reliable short-term insurance, contact Wallstreet Financial Services today.

Working with us on your short-term insurance gives you the following benefits:

  1. We work with most of the major short-term insurance companies to provide you with the best possible solution for your business and personal lines short-term insurance.

  2. You get discounts when you integrate your short-term insurance and wellness programs (which we assist you with as well);

  3. Our hands-on, out-of-the-box approach offers you the benefit of going through your document reaffirming your disclosure to ensure that your claims are honored.

  4. We have systems in place that will let you know 30 days before expiry that your license disc is about to expire because we know that sometimes you forget, and we don't want you to have problems.

  5. We have systems in place to remind you when your driver's license will expire, giving you the heads up 30 days before so that you have sufficient time to do your renewal.

  6. We assist you with your claims and will assist you with the submission and the supporting documentation the insurer will need.

  7. If we assist you with your business insurance needs, we will bring a specialist to your business to meet with you at your convenience, and we will go through the business and note all the important items we need to disclose.

  8. With us, you don't need to change your insurance provider necessarily. We are brokers, and because we work with multiple insurance companies, we can go over your current short-term insurance arrangements.

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