One morning as I was out doing the morning chores on the farm I noticed that the lock on the gate to the block had been cut and my quad bike was missing. Not only that, but the robbers had also taken the fuel out of both tractors.
I have not previously been a victim of burglary, and I have learnt some valuable lessons from this experience, especially the importance of regularly reviewing insurance policies to ensure that business and personal risks have been adequately insured and insurance policies are kept up to date.
I discovered that the Police place very little priority on burglaries. They didn’t attend the scene but a Police Clerk asked me a series of questions over the phone. This suggests that they are under resourced in this area and their priorities lie in other areas.
Insurance companies want to see proof of purchase and the current condition of an asset. This is particularly the case for unspecified property such as household effects that don’t have a specified value. It’s important to take a record and even a photograph of your important assets. And, most importantly, make sure that your insurance is up to date and adequate to cover any loss.
In my case I had recently replaced my old quad bike with a newer one but didn’t update the policy. Therefore the insurance company paid out on the old value and I lost out on the difference. This can equally apply to business interruption insurance, for personal assets and for household contents insurance.
Have you checked your policy lately? How long does your insurance policy cover you for renting a house if your house has burnt down? Or what is the real value of your household contents and when was this last reviewed?
When assessing insurance needs a good place to start is to use a professional insurance broker who has the experience and expertise to assess your insurance requirements.
UHY Haines Norton has a partnership agreement with MortgageLink Insurance Brokers operated by Stuart and Erica Wills who can be contacted at 09 839 0307. Stuart and Erica are happy to answer any insurance queries that you may have.
Please contact us if there is anything here you would like to discuss.