What Questions Should I Ask My Insurance Broker?
Short answer: Ask your insurance broker what is covered, what is excluded, how your excess works, whether your insured values are accurate, which risks require special conditions, how claims are handled and when your policy should be reviewed. You should also confirm that the provider is appropriately authorised and ask for important advice and disclosures in writing. These are the practical questions to ask an insurance broker South Africa policyholders can work through before they sign or renew a policy.
Insurance Should Make Sense Before You Need to Claim
An insurance policy is a promise on paper, but its real value only becomes clear when something goes wrong. A good conversation with your broker helps turn policy wording into practical decisions: what you are protecting, which losses you can absorb yourself and which risks could seriously disrupt your household or business.
Price matters, but the cheapest premium is not automatically the best outcome. Two quotes can look similar while having different excesses, limits, exclusions, security requirements or definitions. The questions below help you compare cover on substance, not price alone.
Before you sign: ask for the quote, the policy schedule and the wording, and give yourself time to read them. A broker who welcomes questions is a good sign.
Key Questions to Ask an Insurance Broker South Africa Policyholders Should Cover
Work through these ten questions with your insurance broker, whether you are arranging personal cover for your home and vehicles or business insurance for a company, farm or fleet.
1. What exactly is covered?
Ask your broker to explain the main insured events in plain language. For personal insurance, that may include a home, household contents, vehicles and portable possessions. For a business, it may extend to property, equipment, stock, liability, business interruption, vehicles, cargo or industry-specific risks.
Do not stop at the name of the product. Ask which property, people, activities and locations are included, as well as the limits that apply to each section.
2. What is not covered?
Exclusions are circumstances or losses that the policy does not cover. Ask your broker to point out the exclusions most relevant to your situation and explain any conditions you must meet. Examples could include wear and tear, gradual deterioration, unapproved use of a vehicle, certain security requirements or losses outside a defined territory, depending on the policy.
The correct answer must come from your own policy wording and schedule. If an exclusion is important, ask for the explanation in writing.
3. How does the excess work?
An excess is the portion of an accepted claim that you may need to pay. Ask whether the policy has a basic excess and whether additional excesses can apply in particular circumstances, such as the age or experience of a driver, the type of loss or the time of an incident.
Also ask whether choosing a higher voluntary excess would reduce the premium, and whether that trade-off is sensible for your cash flow.
4. Are my insured values accurate?
Underinsurance can leave you carrying part of a loss yourself. Ask how buildings, contents, equipment and stock should be valued, whether VAT must be included and how often values should be updated. Buildings are generally considered on the cost to rebuild rather than their market selling price, subject to the insurer’s policy basis.
For businesses, discuss seasonal stock changes, new machinery, renovations and the financial impact of an interruption. For personal cover, mention valuable jewellery, cameras, laptops, bicycles or other items that may need to be specified.
5. Which limits and sub-limits apply?
A policy can have an overall sum insured as well as smaller limits for particular categories. Ask about limits for items kept outside the home, goods in transit, theft from a vehicle, accidental damage, electronic equipment, liability and temporary accommodation, where relevant.
Knowing the sub-limits helps you see where the policy may not match the real size of your exposure.
6. What information could affect my cover?
Tell your broker about the facts that could influence the risk: who drives a vehicle, how premises are used, security measures, previous claims, business activities, storage arrangements, renovations or changes in occupation. Ask what must be disclosed now and what changes must be reported later.
Complete and accurate information helps the insurer assess the risk correctly and reduces uncertainty when a claim occurs.
7. How will you help me if I claim?
Ask who to contact, what evidence may be needed, which emergency numbers to keep and what you should do immediately after a loss. Find out whether your broker assists with submitting and following up claims, and how progress will be communicated.
No broker can promise that every claim will be paid. Claims are assessed against the policy terms and the facts of the incident. The value of support lies in helping you understand the process and provide the required information.
8. Why are you recommending this option?
Ask your broker to explain why a recommended policy is suitable for your stated needs, what alternatives were considered and what the important trade-offs are. Request the quote, schedule, disclosures and advice record, where applicable, so that you can make an informed decision.
You can also ask how the broker is remunerated and whether any fees are payable in addition to the premium.
9. Are you appropriately authorised?
In South Africa, you can check whether a financial services provider is authorised through the Financial Sector Conduct Authority. Confirm the provider’s FSP details and that its authorisation covers the relevant product category. This is a sensible check before accepting advice or arranging cover.
10. When should we review the policy?
Insurance should change when your life or business changes. Arrange a review at least when material changes occur, such as buying property, adding vehicles, renovating, acquiring valuable equipment, changing operations, expanding a fleet, employing more people or moving premises.
An annual review is also a useful opportunity to update values, beneficiaries or drivers, review claims experience and check whether the cover still reflects your needs.
A Useful Final Question for Your Insurance Broker
Ask: ‘Based on what I have told you, where are the biggest gaps or assumptions in my current cover?’ That question encourages a risk conversation rather than a simple price comparison.
It also gives your broker permission to raise the things that are easy to overlook, such as an outdated sum insured, an unlisted driver, an unspecified item or a liability exposure that has grown quietly alongside your business.
How Suretrust Can Help
Suretrust can help you review your personal or business insurance needs, understand available options and identify questions that deserve a closer look. Based in Bainsvlei, Bloemfontein, Suretrust works with individuals, families, farmers, business owners, transport operators and commercial clients across South Africa.
Contact Suretrust to begin a needs-based conversation about your personal insurance or business insurance, and to work through the questions above against your own policy wording and schedule.
Frequently Asked Questions
How often should I speak to my insurance broker?
Review your cover whenever something important changes and consider a structured review each year. Do not wait for renewal if you buy assets, change drivers, renovate, move premises or alter business activities.
Should I choose insurance based only on the lowest premium?
No. Compare the cover, exclusions, limits, excesses, service and claims process as well as the premium. A lower price can come with a different level of protection.
Can an insurance broker guarantee that my claim will be paid?
No. An insurer assesses each claim according to the policy wording, schedule and facts. A broker can help you understand the process and submit the relevant information.
How do I check whether an insurance provider is authorised in South Africa?
Use the Financial Sector Conduct Authority’s regulated-entity or FAIS verification facilities and confirm the provider’s FSP details and relevant product authorisation.
What are the most important questions to ask an insurance broker South Africa clients often forget?
The commonly forgotten ones are how the excess is calculated, whether insured values are still accurate, which sub-limits apply and what must be disclosed when circumstances change.
Important disclaimer: This article is for general information only and does not replace personalised financial or insurance advice. Cover, exclusions, limits, excesses, and conditions depend on the insurer and policy wording. Authorisation and disclosure wording should be checked against Suretrust’s current compliance-approved details before publication. Always speak to a qualified insurance adviser before making insurance decisions.