It’s a new year, so get your affairs in order and check on the terms and conditions of your policies because you don’t want any surprises

As we enter 2017, increases are due in many policies but you might also have credential changes and forgot to notify your insurer. Be sure to double-check the paperwork because you don’t want to get into trouble when you have to claim.

Carolyn Thompson, head of personal lines at Mutual and Federal explains: “We advise consumers to diligently notify their insurers of any changes, such as change of address, if a different driver starts using your vehicle, a tracking device being removed or any other information that you’ve provided the insurer that has now changed.”

According to Mutual and Federal, these are tips and pointers that you have to consider each year to ensure that you are on top of your finances and terms as insurance policies are different and consumers should therefore apply different treatments to it when reviewing policies:

Car insurance

Make sure you don’t pay for credit shortfall cover if the value of your vehicle exceeds the amount outstanding on your loan. Always update your vehicle’s regular driver’s details.

Household insurance

Check that the value that you are insured for is correct because being underinsured will result in your claim not being paid in full. Ask your insurer if your contents policy contains any exclusions you need to be aware of. You might also like to know if your jewellery and devices are included in the limits. Depending on the insurer these items may require additional cover.

All risks

Doing a regular valuation on your jewellery may be required to ensure that you have sufficient cover. Imported items such as electronics, bicycles and phones have increased in price significantly and your limit will need to be increased regularly to give you the cover necessary.