1. List your personal property and assets

Assets generally fall into the following categories:

  • Fixed assets that cannot be moved, such as your home.
  • Financed assets that are still under a finance agreement with a financial institution, such as your car, furniture or appliances bought on credit.
  • Movable assets that can be easily moved such as furniture, antiques, clothes, stamp collections, and other household contents or items that you carry with you, for example your camera, sunglasses and jewellery.

2. Determine the risks that could affect your assets

No one can predict when tragedy will strike. Peace of mind comes from knowing that your possessions are protected against the unfortunate events that happen in life. The standard risks covered are fire, flood, acts of God and accidental damage. The complete list of risks is long and varied. Look at your assets from the point of view of you not having them anymore. Understand what could affect your assets and lifestyle and what solutions are available and discuss these fears with your consultant.

3. Decide which assets you want to insure

Ask yourself this: If this item was damaged or stolen, would it leave me in financial difficulty or could I afford to replace or repair it with cash? If you can’t afford to replace or repair it yourself, you should insure it.

4. Choose a full service insurer as your partner

Make sure your insurer gets full marks across the five C’s of insurance:

  • CLIENT – the insurer you choose must be focused on you, the client.
  • CONSULTANT – A dedicated consultant should be assigned to deal with you.
  • COMPREHENSIVE – The cover must be as wide and as innovative as possible.
  • COMPETITIVE – Pay the best premiums for the best cover available in the market.
  • CLAIMS – The process should be simple and transparent.

5. Review your policy regularly

Your circumstances will change over time as you buy and sell assets and change your risk profile. Make sure that you are paying for a policy or service that still suits your needs. Ask for updated quotes to keep in touch with the latest offers in the market and make sure you get the best value for your money.