In this practical episode of My Money My Lifestyle, host Maya Fisher-French tackles the often-overlooked details of short-term insurance contracts that can have a big impact on your wallet. Maya shares her personal discovery of significant hikes in her insurance policy when it came to excesses - prompting a deep dive into what policyholders can do to navigate these changes. Joined by insurance expert Karen Rimmer from PSG Insure, they explore the trend of insurers adjusting excess fees and how this affects claims. Karen explains the reasons behind these industry shifts, including the aftermath of global events and local challenges like infrastructure woes and escalating crime rates. Maya and Karen discuss the importance of understanding your insurance contract, the power of negotiation with insurers, and the concept of self-insurance—how to determine what risks you can manage yourself and what requires comprehensive coverage. They also highlight the benefits of having your property assessed, debunk myths about what insurance typically covers, and reveal valuable add-ons that might already be part of your policy. Whether you're looking to cut costs without compromising coverage or simply want to ensure you're not caught off guard by hidden clauses, this episode is filled with actionable insights. Tune in to learn how to proactively manage your short-term insurance and make informed decisions that safeguard your lifestyle without breaking the bank. (00:00) Introduction to short-term insurance surprises (01:22) Maya's personal experience with excess fee increases (03:40) Karen Rimmer explains the industry trend and its causes (06:15) The impact of global and local events on insurance claims (08:50) The role of risk underwriting and individual factors (10:35) The shift towards a risk-sharing model between insurers and clients (13:05) How to approach self-insurance responsibly (15:30) The fine print: What to watch out for in your insurance contract (17:45) The advantages of having an insurance assessor evaluate your home (20:10) Uncovering hidden benefits in your insurance contract (22:35) The value of expert advice from a financial advisor (24:50) Special perks for policyholders over 55 (26:40) Closing thoughts on the importance of understanding your insurance details