Is your insurance still working for you? A mid-year review

2025’s midway mark has arrived, and with it, the chance to ‘take stock’ and ensure that your financial house is in order. For many, this time of year provides the ideal opportunity to reflect on important goals related to cost-cutting, saving, and financial planning for the best future. While these aspects are all vital to achieving optimum financial wellbeing, there’s another factor that is often overlooked: short-term insurance.

Too often, we forget that effective financial planning is not only about preparing for the expected, it is also about preparing for the ‘what ifs.’

Life has a way of throwing curveballs when we least expect them. A burst geyser in the middle of a stormy winter, a minor car accident that could leave you without an essential means of transport, or the theft of an all-important personal belonging. All these untimely events can become major setbacks. With the right kind of insurance, at least you’ll have the financial back-up you need to make sure that the damage is minimised.

Why now?

Making it a habit to review your insurance coverage in the middle of the year is a sound principle. Timing matters – with six months having passed, now is the best time to review your current lifestyle. Many people are surprised at how much can change in just six months.

You may have acquired a new asset, such as a new car or a new digital device. You may have changed jobs and started working remotely, which could require having new office equipment. These important lifestyle changes may affect the type and amount of insurance you need. As the second half of the year has taken off, take the time to pause and consider whether you’re making your insurance policy work for you.

Your insurance review in 3 simple steps

Fortunately, bringing insurance into your financial planning mix doesn’t have to be overly admin-intensive or time-consuming.

I recommend these 3 simple steps:

1.     Read through your current insurance policies: It’s time to take out the insurance policies that have been gathering dust and read through them again. Even if nothing needs to be changed, it’s important to refresh your memory on what you’re covered for and whether there are any specific terms and conditions you need to bear in mind.

Doing this will also remind you of what your responsibilities are as the insured – you may need to double-check that the backup power supply for your electric fence is still functioning, for example. Similarly, reviewing your policy could remind you to do another service on your vehicle to avoid any minor maintenance issues from becoming major problems.

 2.     Do a lifestyle review: Ask yourself whether you have acquired any new valuable assets. Examples could include a new laptop, a mobile phone, a car, household appliances, artwork, or sporting equipment.

Next, ask yourself whether you’ve upgraded any of your existing valuables. This could include adding a sound system to your car or updating the security system on your home. Even gradual changes can add up, and if you’re not properly covered, you could be left out of pocket if something unexpected happens.

3.     Connect with your insurer: It’s always a great idea to connect with your insurer, who is in the best position to advise you on how to optimise your insurance and to align with your needs as they change.

Now is the time to ask questions about whether you are currently insured for the right amount (to avoid being underinsured) and whether there are any limits on certain types of cover.

It’s also the best time to check in on whether you can reduce your premium by bundling policies and if there are any benefits or discounts for which you are eligible. Just reconnecting with your insurer could ultimately save you money not only in the long term, but right now.

Insurance isn’t something you set and forget. A quick check-in now can uncover gaps, unlock savings, and make sure you're fully protected against life's unexpected turns.

* Sibeko is the executive head for personal lines at Miway Insurance.

PERSONAL FINANCE