January is typically when consumers review their budgets and try to make them stretch even further. Many people don’t include their insurance in this exercise – but they really should because they could end up saving money every month.

King Price’s client experience partner, Wynand van Vuuren, says that reviewing your insurance is an investment in your financial future, especially now, when times are tough. Here are his top tips for helping you make sure your insurance covers your risks on a tight budget.

Combine your policies

Insurers love clients who have more than one policy with them. So, if you cover your buildings, home contents and a car, for example, you’ll probably pay less. You could also be eligible for a discount if you insure multiple cars – up to 20%, in some cases.

Beef up your security

You could potentially decrease your monthly premium by increasing your security. Ask your insurer whether installing a tracking device would reduce your car premium, or whether an electric fence and an alarm system linked to armed response would reduce your buildings or home contents premium. If you live in a secure estate, check whether there’s a home contents option that excludes theft but still covers you for things like acts of nature and malicious damage.

Update your details

If your personal circumstances have changed in any way, it’s critical that you let your insurer know, as these details could impact your premium. This includes things like updating the addresses for where your car is parked, both during the day and at night, if you’re driving more or less than previously, and whether you’ve gotten married.

Check that you’re insuring the right things

Van Vuuren advises consumers to check their policy schedule to see whether they’re still insuring things they don’t own anymore. At the same time though, he cautions that you should remember to add any new big-ticket items you’ve bought, and to ensure that you’re covering your buildings, home contents and portable possessions for their current replacement value – not what you paid for them.

Reluctance to review insurance policies could stem from many things. “Some people struggle to find the time or assume that, once a policy is in place, there’s little need for further scrutiny. Others only read their insurance documents for the first time when they want to check whether a claim may be valid. But the bottom-line is that reviewing your cover, at least annually, will give you peace of mind that your car, home, and belongings are fully protected, at the best possible premium,” says Van Vuuren.