Be prepared for any and all
It is the time of year when, for many of us, our focus is more on gifts and holiday destinations than on the daily grind of work. Unfortunately, the holiday season is often the time when unforeseen losses occur if you are not properly prepared. Taking precautions may be all that is required to ensure your holiday spirits stay merry and bright this holiday season.
Before the holiday season commences, it would be prudent to assess the security measures you have in place at your home, especially if you plan to be away during the festive season. Double-check that you have burglar bars on all opening windows and security gates on all outward leading doors. If you have an alarm system, have the alarm company confirm that everything is in working order.
Make sure your property is properly maintained. Insurance cover is for “sudden and unforeseen events". However the onus is on you, the property owner, to maintain your property correctly. Insufficient maintenance may result in a claim being rejected.
The weather at this time of the year is often unpredictable and flooding or hail can cause untold damage to your property or vehicle. It is essential to maintain gutters and drains, and to make sure they are clear before leaving your property unattended. Do not leave your vehicle exposed where it can be damaged by hail. Many insurance companies offer SMS notifications for severe weather warnings and it may be useful to subscribe to this service.
Make a habit of checking your fire extinguishers, alarm batteries and electrical connections on an annual basis. Just before the end of the year is an excellent time to do so.
Before you embark on your travels, make sure you have the contact details of your insurance company with you. Remind yourself what you would need to do in the event of an accident.
Many companies offer roadside assistance which would give you peace of mind in the knowledge that you will be assisted by professionals in the event of an accident or breakdown.
It may be wise at this time of the year for you to go through your short-term insurance policy, making sure that you have the right insurance cover that is tailored for your needs. With the recent unrest at universities around the country, you may also want to check to see if your policy includes Sasria cover. This is for damage caused during periods of civil unrest or strike action which may not be covered if you have not opted for this cover. It is normally available at a minimal additional charge.
Being prepared can save you a great deal of anguish in the event of an unforeseen event taking place during the festive season. Your short-term insurance adviser will be able to confirm whether you have the correct cover and if not, assist you to make the necessary adjustments to your policy.
• Rands and Sense is a monthly column, written by Ross Marriner, a certified financial planner® with PSG Wealth and Lisa Tarr who is with PSG Insure. Their Financial Planning Office number is 046 622 2891. RANDS AND SENSE - Personal finance for ordinary people, appears on the first Friday of the month.