At the end of October, our personal team will begin the 2024 annual personal review, set to take effect on 1st December 2024. Our annual review is a detailed evaluation of approximately 2 500 private client policies.
Our personal team will work tirelessly, scrutinising vehicle values, and adjusting Household Contents and Building sum insured values to account for inflation to ensure you are sufficiently covered in the event of a claim.
Even though we are reviewing these details, it is VITAL that you check your policy review documents to ensure that all your critical assets are adequately covered.
Here’s what the review includes:
Vehicles: Vehicle values are updated according to the latest TransUnion retail values, ensuring that your car is insured at the correct amount.
Household contents: If the insured value of your household contents hasn’t been adjusted throughout the year, we will automatically apply an inflationary increase to protect you from being underinsured in the case of a significant loss.
Buildings: We apply an automatic inflationary adjustment for buildings without updated valuations in the past year. We collaborate with GRiP to utilise their Savi Valuations to assess the current building values of your properties where sufficient imagery is available.
All Risks & Computer Equipment: This category includes personal items you carry daily, such as jewellery, watches, cell phones, laptops, and sunglasses.
A quick reminder: While we work hard to ensure your insured values are updated to reflect current conditions, your insurance values are typically based on the information you provide when adding items to your policy. Even when we apply inflationary increases, you must confirm that your insured sums are accurate.
If the value of any insured item has significantly changed—whether an increase or decrease—please notify us to ensure you have the correct cover and are paying the appropriate premium. For example, if you insured a jewellery item for R5,000 in 2008, and its value has risen to R15,000, let us know so we can adjust your cover accordingly!