Save, make, understand money


Three insurance resolutions for 2017

Joanna Faith
Written By:
Joanna Faith

Use the New Year as an excuse to get your insurance policies in order.

Whether it’s being healthier, learning a new skill or shaping up your finances, everyone starts the New Year with the best intentions – but many resolutions don’t even last the month.

There are few simple things that you can do at the start of the year, which are easy to stick to and could have a big impact later on.

According to our research, only one in four people are completely confident about what’s covered in their home insurance policy, and less than a third were very confident about what was included in their car insurance cover.

By taking steps in January to make sure that you understand what you’re covered for, you could find yourself in a better position if you need to make a claim later down the line.

Top resolutions

  1. Get your insurance into shape

The start of the New Year is the perfect time for getting financially fit. One way to do this is to complete a review of your insurance.

If you’ve been lucky enough to receive expensive gifts over the festive period, like a watch, jewellery, tech gadgets or a brand new bike, the New Year is an ideal time to make sure that you have the right level of cover to protect these – especially if they’re regularly taken outside the home or kept in an outbuilding or garage.

To ensure that you’re completely covered it’s worth checking if you have to increase the value of your contents insurance or if you need to buy additional personal possessions to cover things taken outside the home, to ensure that, if the worst does happen, you’re completely covered.

  1. Keep on top of what you buy

Over the course of a year you’re likely to update some of your home furnishings, treat yourself to some new clothes and jewellery or receive gifts for birthdays.

Make a resolution to check your contents policy on a regular basis – perhaps every six months. Not only will this help you understand whether you’re covered correctly for everything in your home or if you need to buy additional cover, it will help you keep track of new purchases and make it easier to identify if you need to make a claim.

This is especially true for families. It can be tricky to keep track of everything but get into the habit of updating a list of your contents and keep it safe.

  1. Be insurance savvy

Saving money is always a popular resolution. So when your insurance is up for renewal, check whether you’re getting the best value, not only to save money, but also to ensure that you’ve got the correct level of cover you need.

Spending time researching your policies beforehand means that you can get the right amount of cover, but with so many policies available it can get confusing.

It’s worth speaking to a friendly expert, like a broker, who will be able to provide guidance on the best policy for you.

Steve Murphy is head of insurer development at Swinton Insurance