Edge Financial Group News

A Lifetime of Insurance

During the journey of life, our circumstances change. Our assets, liabilities and responsibilities will vary. The need to protect these, according to the stage of the journey we are in, will require us to question what type of insurance we require and how much. This is not easy and can be extremely confusing.

Short-term insurance, which covers our personal assets and liabilities, creates uncertainty for us all. We all have questions –

• How should I be covered?
• Am I adequately covered?
• Will the Insurer pay in full?

The need to understand a policy schedule and wording along with all the terms and conditions, extensions, and exclusions, is indeed a daunting task. This is where a specialist broker in this field comes to the fore. They assist us with advice on –

• what cover is required and why,
• the best way forward in protecting our assets,
• the potential areas where there is a shortfall in cover or cover not being available.,

Thus, playing an important role on our journey.

“There is no such thing as a stupid question” – We must remember to always ask questions where we are uncertain and to ensure that we understand how and what we are covered for. Some common questions are -

• Is my vehicle correctly insured? Do the extensions provide adequate cover e.g., keys, excess waiver, credit shortfall, vehicle hire?
• Does my security at home meet minimum requirements e.g., alarm warranty?
• How do I determine what value to insure my building for?
• How does an Insurer determine replacement on all sections?
• The impact underinsurance could have on my policy.

Loadshedding has become problematic for us all, including the insurance companies. How to interpret the impact of this, power surge and grid failure, and the protection of our assets is of paramount importance. It is therefore vital that we contact our broker to confirm that we have cover for these events and what limitations/exclusions are in place rather than experiencing disappointment at the claim stage.

The Edge family understands all the above. With one of our missions being to simplify insurance, we are here to help you.