Well, according to Christelle Fourie, Managing Director of MUA Insurance Acceptances, women need to become more familiar with their own insurance needs – not only to ensure their belongings are properly protected, but to avoid the financial cost of having to replace them as a result of damage, theft or loss.

If all of this sounds daunting, don’t worry – with Christelle’s expert opinions, we’ve summed up everything you need to know to get you started.

When is the right time to take out insurance?

Immediately, it is never too early to take out insurance. The minute you purchase a home, car, jewellery, technical devices, or any other expensive or essential belongings it is imperative to ensure sound insurance cover is in place to protect your items from theft, loss or damage and avoid financial loss in the long run.

What are the steps to take when taking out insurance for the first time?

The best thing to do is contact a trusted financial advisor or insurance broker who can advise on the best possible insurance solution for your particular needs. Ensure you are upfront and include all your belongings that you want to have insured, and remember it is important to declare all items and their full replacement value to ensure full cover and avoid underinsurance.

For more expensive items, such as a home, motor vehicle or jewellery, a proper valuation must be conducted to ensure the appropriate value remains up-to-date. Most insurance companies offer a valuation service for certain items such as a home or motor vehicle at the inception of the policy – at MUA this service is free for all clients.

Some items require regular valuations updating to ensure cover remains up to date. Next step is to ensure your broker clearly explains all the terms and conditions of your policy to you so that you fully understand your cover to best avoid insurance claims rejections.

What are the particular short-term insurance needs of women?

A woman’s most valued personal belongings are either carried around with her in her handbag - think iPad, mobile phone, camera, purse or even the actual Louis Vuitton handbag itself - or are located in her wardrobe - Jimmy Choo heels, Burberry coat and jewellery such as engagement rings.

As a result, it is vital that all women ensure that cover for these essential items is included in their insurance policy, while also making sure that the items are covered for their total replacement value to avoid underinsurance.

Insurance for a woman’s handbag and its contents is also a must - it is a relatively cheap addition but is always worth the additional cost. Women must also bear in mind that it is never advisable to carry valuable jewellery they are not wearing at the time in their handbag - a common practice among women when changing a watch or jewellery to suit their new outfit. Most insurance policies will stipulate that jewellery over a certain value must be stored in a safe when not worn.  

How important is short term insurance?

Short-term insurance is important because – even though most people perceive it as a grudge purchase – if an insured possession is lost, stolen or damaged the owner does have to suffer the additional financial cost of replacing or repairing the possession, provided they have adhered to the reasonable terms and conditions of their insurance policy.

Thus, it actually saves the owner money in the long run and gives them peace of mind that should anything happen they are covered.

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