As 2025 begins, many South Africans are embracing fresh starts and setting financial goals for the year. One crucial yet often overlooked aspect of financial planning is reviewing your insurance coverage.
According to Rudolf Britz, Chief Actuary at Momentum Insure, insurance reviews are frequently pushed aside in favor of other financial priorities. However, neglecting this step can leave you vulnerable to unnecessary risks.
“Insurance is like a safety net—you may hope never to use it, but it’s reassuring to know it’s there. However, would you trust that net if you hadn’t checked it in years? Regular reviews ensure you have the right protection without paying for unnecessary coverage,” says Britz.
Why Reviewing Your Insurance in 2025 Is More Important Than Ever
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Adjusting Insurance as Life Changes
Life is unpredictable, and major events like buying a new car, moving to a new home, or making lifestyle changes can affect your insurance needs.
Britz advises consumers to ask themselves:
✅ Am I adequately insured?
✅ Does my policy reflect my current home, vehicle, and personal needs?
Car Insurance: Keeping Policies Up to Date
A common mistake is failing to update car insurance policies when circumstances change. If you have recently:
🚗 Bought a new vehicle
🔧 Modified your car
👤 Changed the primary driver
—your policy should be updated to reflect these changes.
“Providing accurate, up-to-date information is key to avoiding issues when filing a claim. Outdated details can lead to rejected or reduced payouts,” warns Britz.
For convenience, Britz suggests reviewing insurance policies alongside routine activities like car servicing or pre-holiday safety checks.
“Each time you service your car, take a few minutes to ensure your insurance details are current. This habit makes it easier to stay protected without extra effort,” he adds.
Home & Personal Insurance: Protecting Your Investments
If you’ve recently renovated your home—such as upgrading a kitchen, installing security systems, or expanding your property—your insurance should be adjusted to reflect these improvements.
Additionally, those who have acquired valuable items over the holiday season should update their contents insurance to avoid being underinsured.
Taking Charge of Your Financial Security
Insurance is not a one-size-fits-all product. As your lifestyle and financial situation evolve, so should your coverage. Conducting an annual insurance review ensures that you stay protected while optimizing costs.
Seeking expert advice can make the process simple, helping you secure peace of mind and financial stability for the year ahead.
