Let’s be honest, insurance does not top the popularity stakes when it comes to riveting conversation. That said, if your car is stolen or your house is broken into, insurance suddenly becomes a big deal. 

Clients are only mindful of their short-term insurance policies when they need to make a claim. That's when contentious things like excesses and insured values come into play. Before you sign on the dotted line, it's advisable to have a good understanding of the nitty-gritty. Here’s a brief outline of each:

Schedule of insurance

This section of the insurance policy contains:

• Your personal information relating to where you live, what car you drive, your age, etc.
• The type of insurance coverage purchased
• Your premium

Make sure that you give accurate and correct information; otherwise, your policy may be declared invalid when you make a claim. Also, check that all the items for which you have specified cover are listed on the policy and that you haven’t left out anything.

Time limits

Insurance companies all have their own particular periods in which a claim needs to be submitted - it’s usually within 60 days. Nevertheless, you have to report anything that is lost or stolen to the police within 48 hours. All documentation and information required by the insurer in connection with your claim must be given to the insurer within 30 days of reporting the incident.

Exclusions

This section details what is not covered. Read this section carefully. You do not want to find out that you are lacking the coverage you thought you had when you have to make a claim.

Terms & conditions

These three magical words outline the legal aspects of the policy, including:

• The duties and responsibilities of both the insurance company and policyholder
• Information about your premium payment obligations
• Steps on how to submit a claim
• Special procedures for disagreement resolution
• Policy cancellations

Under insurance 

This section explains the importance of insuring your belongings for their replacement value. The replacement value is what it will cost you at the time of a claim to replace your possessions. If you claim, the insurer will calculate the replacement value for which you should have insured yourself. If you insured your household contents for less than that, the insurer will only pay a part of your claim.