How to organise your insurance policies

This is a sponsored post in collaboration with Rigby Financial. 

We all need some kinds of insurance. If you have your own home, you’ll need to think about buildings and contents insurance, if you have a business you’ll need to think about Commercial Building Insurance, and you’ll almost certainly need life insurance. But what’s the best way to organise your insurance, to make sure you’re getting best deal, and how long do we really need to keep the paperwork for?

What kinds of insurance do I need?

Take some time to have a look at the different insurance payments you are making. It’s really easy to get caught up in paying direct debits for insurance policies that you don’t really need. It can also be surprisingly easy to forget when your insurance is due.

You may or may not need the following:

  • Buildings insurance
  • Contents insurance
  • Life insurance
  • Car insurance
  • Health insurance
  • Pet insurance
  • Travel insurance

What kinds of insurance don’t I need?

Make sure you’re not doubling up on anything. So sometimes, bank accounts give travel cover. Your contents and buildings insurance may double up. It’s worth reading the policies carefully.

Make a list of your insurers and what they cover – this will help you to organise them.

How should I organise my documents?

Very few insurers these days send you physical paper copies. If they do, use your trusty filing system to store these documents.  You only need to keep insurance documents as long as they are valid.

Most of your current documents will be digital. Create an easily accessible file on your computer AND in an online storage like Dropbox or Google Drive. As you name each file, make sure you name the renewal date and what the policy is for.

How can I access my documents if the worst happens?

If you have digital copies, it’s really easy to get hold of your policies and your insurance numbers. You know what it’s like – the times when you really need your insurance policy is when you are away from home. If you’ve had to evacuate your home, knowing that your insurance documents are easily accessed online can give you peace of mind.

How often should I change insurance provider?

Whenever your insurance comes up for renewal, have a look around for the best deals. Then, it’s worth ringing your current provider to see if they will match the new quote. There are loads of price comparison sites around and switching is pretty easy. However, if you stay with your current supplier – at a better price – that can be less hassle as they already have all your details.

What else should I look for?

When you’re buying insurance policies, look out for the amount of excess you pay – normally this can be adjusted.

Check out what is and isn’t included as well, especially on your contents insurance. Check whether this covers your mobile phone (and if it does, you can get rid of your mobile phone insurance), possessions lost or stolen when you are away from home, and anything else that may be relevant to your situation.

Finally, check out additional covers. Accidental damage, home emergency and legal expenses may be included, and you can decide whether you need this or not.

Don’t be afraid of insurance

Insurance can be a bit intimidating. It’s easy to ignore the Key Facts illustrations and just shop for the cheapest deal. But it’s definitely worth reading a little more carefully. Don’t be afraid and if in doubt, you can always look for more information online.

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