With the festive season approaching, people will be going away for the holidays. They will be embarking on road trips, or flying to loved ones, and it’s almost time to engage holiday mode! While you plan your getaway, ensure you review your insurance coverage, in case unforeseen events occur when you least anticipate them. Sometimes they come in the form of a burglary while you’re house is empty and you’re away, damage from environmental concerns like lightning, or even a car accident whilst away on holiday. And of course no one will ever let you forget the time you were filming your kid catch her first fish and fell into the river with your new phone…. Wealth Management, in partnership the IGrow Group, is now offering you short-term insurance, so you can have peace of mind this festive season.
It’s important to note: Most insurers won’t take on new short-term insurance clients from 1 December to late January, so this is the time to take stock!
We sat down with Michelle Visser, who heads up the short-term insurance division of IGrow Wealth Management. She has 22 years of experience and is an expert short-term insurance specialist. We discussed the importance of making sure you have proper cover before December approaches. Michelle has a background in claims, underwriting, and client services. Her insights pinpoint why short-term insurance planning is critical to protect your precious assets over the festive break.
What is the definition of “short-term insurance”?
Michelle breaks down the difference between short-term and long-term insurance. Long-term insurance covers your life and health, such as life cover, disability cover, death, dread, and severe illness policies.
Short-term insurance protects your assets: like your home contents, your vehicle, valuables, portable possessions (such as laptops, tablets, watches, jewellery and even hearing aids and other portable/ wearable medical equipment).
“Short-term insurance is about sudden and unforeseen events. You can’t predict a burglary, a hailstorm, or a power surge caused by loadshedding. But with the right cover in place, you don’t have to shoulder those costs yourself.” – Michelle Visser, IGrow Wealth Management
Why is short-term insurance vital during the festive season?
The festive season is infamous in the world of insurance claims for increased losses from burglaries, changes in routine while on holiday, or damage from unpredictable environmental events. Homes are vacant while their occupants are away, making them burglary hotspots.
With more people travelling to holiday destinations, the roads become congested and busy. This is a prime time for an unexpected accident.
During this time, insurers introduce strict guidelines around opening new policies in December-January. This is so they can prevent selective coverage.
The types of short-term insurance coverage you can choose from
Michelle emphasises the need to review and update your policies well before the festive season.
Here are some things to think about:
- Adequate Cover: It is common for clients to underestimate the value of their possessions. Michelle mentioned how a previous client insured their house contents for R500,000. After taking inventory, they discovered that the actual value of their household contents was nearly R2 million. In cases like these, insurers apply the “average” rule, which reduces the payout. It’s critical to know the true value of what you are covering, so if you place a claim, it will be more accurate when it comes to payouts.
- Portable Possessions: If you plan to travel with devices like tablets, laptops, or cameras, or portable medical equipment, prescription glasses and so on, these possessions should be insured under what is known as “all risk” cover.
- Consider the timing: of when you take out your policy: The majority of insurers won’t take on new short-term insurance clients from 1 December to late January. Waiting to do this could leave you without any coverage at all during the period when it’s known that clients are at high risk.
The importance of Proof of Ownership and Claims
When it comes to claiming, you need to ensure you have kept the necessary documentation safe. Insurers ask for Proof of Purchase or ownership. This includes receipts, photographs of the items (as photographs have a time, location and date stamp), valuation certificates or even digital data from your devices.
For your high-value items like jewellery or art, you need a valuation certificate. If you don’t have a value, for example, on your diamond ring (ie its carats and material of the ring itself) and it gets lost or stolen, your cover may not be sufficient. Or if you don’t have a valuation on artworks in your home, when you claim, you may not get a sufficient payout.
According to Michelle Visser, “Insurance is about indemnity. That means putting you back in the same position you were in before the loss, not in a better one. Having the right paperwork ensures a smoother claims process.”
Flexible short-term insurance coverage through leading insurers
Through IGrow Wealth Management, IGrow investors can now take out tailored short-term insurance from leading affiliated providers. These include Discovery Insure, King Price, One Insurance and Santam. This offers IGrow’s investors competitive options. If you plan to insure your home, vehicle/s, or possessions, we’ve got you covered at IGrow Wealth Management.
Michelle points out that even vehicle coverage is risk-dependent. High-value cars may mean you need to have a tracker installed. These requirements differ depending on the vehicle’s risk profile. This tailored insurance offering ensures that your cover is personalised to your own specific needs.
Why IGrow investors should start their short-term insurance planning now
The festive season brings fun and relaxation, but it also ups potential risks you and your loved ones might face.
Reviewing your policies ahead of December ensures:
- Your household contents are insured at their true (and full) replacement value.
- Portable possessions are correctly listed and protected in case of theft, damage, or loss.
- Your vehicle will be insured properly (in terms of motor, theft, and accident coverage)
- You won’t be affected by festive-season restrictions, where insurers don’t take on clients from 1 December to late January.
“With the launch of our new short-term insurance offering, IGrow Wealth Investments’ clients can benefit from the convenience of their property investments and personal insurance coverage matters handled under one roof. In utilising a trusted insurance partner, you can have peace of mind that your long-term and short-term insurance needs are covered.” – IGrow Wealth Management
Key Takeaways
- IGrow Wealth Management now offers you short-term insurance coverage in addition to our long-term insurance options.
- Short-term insurance will protect your assets, from your home contents to vehicle and accident coverage, to personal valuables and portable possessions.
- The festive season is a peak time for burglaries, accidents, and sometimes environmental damage, making adequate cover critical.
- Insurers stop taking on new clients from 1 December, so act now to secure the right coverage for your assets.
- Keep aside proof of ownership (such as receipts, photos, valuations), which are essential for processing your claim and an adequate payout.
Conclusion
With short-term insurance now offered as part of our IGrow wealth management services, you can sit back and relax over the holiday season.
It’s comforting to know that you’ve properly insured your belongings in your home, your portable possessions,and your car(sd. Contact IGrow Wealth Management today to review your insurance policy or request a personalised short-term insurance quote. The IGrow team believes that feeling safe and adequately covered this festive season is the best gift you can reward yourself with.
