Changing circumstances change your risk
If you're working mostly from home due to lockdown, notify your insurer. Failure to do so can result in a rejected claim.
Any significant changes in your circumstances will yield changes in your risk profile, says Thasnim Dawood, a senior assistant ombudsman at the office of the ombudsman for short-term insurance (Osti).
This applies if you're now working from home, using your vehicle more or less for work purposes, or to a change in the use of your domestic or business premises.
You need to inform your insurer to ensure that proper cover is in place and that you're complying with the terms and conditions of your policy.
"Informing your insurer of these changes might yield benefits. For example, if you're working from home, your vehicle is now parked at home during the day instead of your office building. The risk might be different.
"If your business premises are no longer being used for business, find out what T&Cs apply to unoccupied premises and what obligations apply under the new risk."
The need to reassess is not only important during the lockdown. Changes in your risk must be communicated to your insurer, Dawood says.
She says the Osti often deals with complaints where the consumer isn't happy with the outcome of the claim, and often "it's because of the failure on the part of the consumer to reassess the value of the risked item, household contents, a vehicle or building. The failure to evaluate your risk on a regular basis may have significant financial consequences."
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