At the end of October, our Personal Team will commence the 2022 Annual Personal Review, which will take effect on the 1st of December – just in time for the 2022 School Holidays. This delicate process ensures that your policies are up-to-date and you are covered in all the right areas. Even though we check your policy, it is vital that you check your own policy review documents, to ensure all your assets are covered correctly.
What is our Annual Review?
Our Annual Review involves a thorough assessment of almost 2,000 Private Client policies. During the review, each member of the personal team – pictured in the image above - will burn the candle at both ends, meticulously adjusting, and examining every Personal Policy from every angle, to ensure that your cover is adequate in the event of a claim.
The review includes the following checks:
Vehicles: Vehicle retail values are adjusted to current TransUnion retail values, which ensures your vehicle is covered at the correct value.
Household Contents: If the sum-insured value of your household contents has not been adjusted during the year, we automatically increase this value by an annual inflation percentage to safeguard you from being under-insured in the event of a significant loss.
Houseowners: We work together with GRiP to get Grip Savi Valuations (link to the previous story) to assess the building values of your homes where there is sufficient imagery to do so.
In the case where buildings haven’t been updated during the year or don’t have the necessary imagery available, we automatically increase this value by an annual inflation percentage and will revisit the policy in 2023 if and when imagery becomes available.
All Risks & Computer Equipment: All-risk items are those that leave the house with you daily, excluding your vehicles, such as jewelry, cell phones, laptops, and sunglasses.
Please remember: As much as we strive to ensure your insured values are adjusted to remain relevant to the present time, in most cases, your insurance values are based on the information you provide Barker with when adding an item to cover. Even when we increase your sum insured by an inflation-linked percentage, it is still your responsibility to ensure that your sum insured is correct.
If there has been a considerable shift in the value - be it an increase or a decrease - please notify us so that you are appropriately insured in the event of a loss or currently paying the appropriate premium for the cover required.
For example, if you added sunglasses to your policy in 2008 at a value worth R2 000, but those same sunnies are now worth R10 000, please let us know!