As 2025 ramps up - January is already sprinting past like a hungry man at an all-you-can-eat buffet - it’s a good idea to revisit, review, and renew your insurance policies.
Modern life is busy and things tend to get away from us quickly, so setting a date in your calendar to do this at the beginning of the year means you aren’t likely to get caught without insurance when you really need it.
If your policies are up for renewal in the mid-year, set a calendar alert on your phone or laptop (or write it on a paper calendar, whichever suits you), but a review session now means no nasty surprises later.
The main policies most people have are likely to be home insurance, building insurance, vehicle insurance and life insurance. House contents and renters’ insurance are in the mix as well; a surprising number of people are unaware that building and home insurance are considered separate policies.
Before you get the paperwork out, sit down and make a list of the changes in your life over the past year.
Go ahead and use this as a basic checklist – categorising elements helps you to organise them.
1. Life Changes
Marriage, co-habiting, divorce, birth and death are all huge life changes that will impact things like your life insurance.
If your beneficiaries have changed, make sure you update your policies as soon as possible. A number of policies will let you add, remove or change beneficiaries at will, depending on the type of beneficiary insurance you have.
2. Job Changes
Access to various types of insurance through your employer is a frequent career perk in the UK.
If your employer has changed, a policy that you’ve had for years might no longer be valid.
Checking your policy after a career change is an absolute must.
3. Housing
If you changed from renting to owning, moved properties, or bought an additional property, make sure your insurance reflects this, and that you have the correct insurance for your circumstances.
Check your policy to ensure it covers everything you need. Having building protection will not help if you get burglarised while you’re on holiday; you can get your doors, windows and locks replaced; but without contents insurance you’re in for a nasty shock.
Based on current global events, it’s probably worth investigating fire and flood insurance as well – your broker will be happy to discuss this with you.
4. Vehicles
If you’ve got yourself a brand-new runabout (or even a second-hand one), you’ll already know that you need a minimum of third-party insurance to meet the legal standards in the UK.
If you change vehicles, add to the number you have, or want to give someone else permission to drive a vehicle in your name, make sure your insurance is valid and up to date. Finding out that someone is not on your insurance when you thought they were, is a justifiably unpleasant surprise and can result in an unplanned visit to the police station.
If your kids are about to get their license and you plan on adding them to your insurance, make sure you contact your broker ASAP
Now that you’ve got your basic changes noted down, it’s time to haul out your insurance paperwork.
Double-check that you understand any exclusions, limits, and exactly what is covered – make notes on any questions as you go, because relying on memory here will come back to bite when you’re talking to your broker.
If you can’t find your paperwork, you will most likely have received an electronic copy by email. You can also register for on-line management of your policies, which keeps everything nice and easy for you. If you need to, contact your broker and request digital copies of your policies, and set up an appointment to discuss any changes you might need at the same time.
If you’ve gone through the paperwork and you’re still unclear or struggling to understand your coverage, it’s really important to discuss this with your broker. They’ll be more than happy to go through things with you clearly. A lot of insurance companies will have FAQ and support services online and over the phone that you can draw on, and a growing number of companies have free apps available. Apps can give you quick, efficient support and help with your policies in plain English and very little legalese. Best of all, they fit in your pocket, unless you bought a really big mobile phone.
Once you’ve got all of your questions and changes noted, go ahead and call your broker. They’ll be happy to hear from you, and more than happy to make sure your policies are the right fit.
Make sure you identify any gaps in your coverage, and just as importantly, any over-insured areas.