As our lives evolve, so too do the risks and responsibilities that come with them. Yet amid the pace of daily life, reviewing your insurance portfolio is often pushed to the bottom of the list. Just as you would revisit your financial planning, tax position or legal affairs each year, it is worth checking to make sure that your insurance is still doing what you need it to.
A regular review is a key part of managing your personal and financial wellbeing.
Life changes. So should your cover.
It is easy to assume that once your insurance is in place, you can set it aside and forget about it. But the reality is that cover which made perfect sense a year or two ago may no longer reflect your current circumstances.
Think about the changes that might have taken place over the past 12 months:
- Have you purchased, renovated, or sold property?
- Have you acquired valuable items such as artwork, jewellery, or vehicles?
- Has your family situation changed?
These are just a few examples of life events that could impact your risk profile. Without adjusting your insurance to account for them, you may be unknowingly underinsured, or paying for cover you no longer need.
The risk of being underinsured
Underinsurance does not always reveal itself until a claim is made and by then, it may be too late. A property that has risen in value, a high-spec renovation, or an overlooked asset can all create shortfalls if your policy limits have not been updated accordingly.
It is not only about physical assets. Think cybercrime, personal liability or legal exposures – it is also about ensuring your policies reflect the world we live in today.
Even the best policies can fall out of step if left unchecked.
A review is not a chore, it is a sensible habit
An insurance review does not need to be time-consuming or complicated. In fact, it is often a straightforward process that provides valuable clarity and confidence.
Importantly, it also gives you the opportunity to better understand what is covered, what is not covered and where changes might offer more suitable protection. It is not always about adding more cover – it is about making sure the cover you have is appropriate, proportionate, and relevant.
For individuals with more complex arrangements such as multiple properties, collections, business interests or trusts, this becomes even more important. A review can highlight overlaps, gaps or inefficiencies that are otherwise easy to miss.
Making time for peace of mind
Ultimately, reviewing your insurance portfolio is about staying in control. It is a small effort that can make a significant difference when it matters most. In a world where change is constant, doing so annually is a practical way to stay one step ahead.
When did you last look at your insurance portfolio? If it has been more than a year, or if you have experienced any changes in wealth, lifestyle, or responsibility, it may be time for a second look.
You can call any of the team on 0203 002 9859 or email pcl@jameshallam.co.uk.