So what needs to be updated? Think of all the changes that occur within a year — including the new insurable assets you buy, change of address or new car radio installations, says Edward Gibbens, Santam’s executive head of broker distribution.

"Life moves so fast that clients often forget to inform insurers about changed circumstances and accumulation of new possessions. And they only realise the impact of this when they have to claim. Remember that while the value of your property increases, its content devalues," he says, adding that if your insurer doesn't know about assets, it's impossible for them to insure them.

Here are nine things you must check to ensure you're completely covered:

• Check that your policy is paid. Banking details may change and banks may send the payment back. If there is no payment, the policy might be cancelled, resulting in no cover.

• Check your insurance covers your possessions. As you buy more things for your home, or make alterations or renovations, the insured amount could become inadequate. When there is a loss, you may find that you are underinsured and this could result in further financial loss.

• Make sure your car is insured correctly along with any extra car accessories you have added.

• Specify jewellery in the ‘Specified All Risk’ section of your policy. Make sure that your personal effects are covered under the general ‘All Risk’ section of the policy. This includes things like glasses, cameras, binoculars etc.

• If cover is subject to burglar proofing and security gates, it applies to each and every window and door. Remember, this includes the small windows and the doors that are rarely used.

• If an alarm is applicable on your policy, check that it is in working order and remember to activate it every time you leave the premises. Make sure that the response company does get the signal when the alarm goes off.

• When applying for a policy, remember to tell the insurance company or broker about anything that might influence the premium or cover. Declare all claims; make sure they know exactly what the vehicle is going to be used for, as well as who the regular driver will be.

• An insurance policy does not cover all contingencies. Make sure that you know what is and what is not covered.

• Most importantly, remember that you are entering into a legal contract. Make sure you read and understand the terms and conditions and don’t misrepresent your position.