What to Record About Insurance Policies

Create one clear record for each policy

Start with the provider, type of insurance, policy reference, insured person or asset and the period the policy covers. Use the insurer’s current documents rather than an old quote. Give the record a name that is useful in a hurry, such as “Home: building and contents: current insurer”.

Keep the policyholder distinct from the insured person, beneficiary or person paying the premium where those roles differ. Copy names carefully and confirm uncertainties with the insurer. A note in your portfolio does not change a policy or make a nomination effective.

Keep the schedule and policy wording together

Retain the current policy schedule and the applicable policy wording or Product Disclosure Statement (PDS), plus any endorsements or changes supplied by the insurer. Label their dates so an older version cannot be mistaken for the current arrangement.

For home insurance, ASIC Moneysmart explains that exclusions, limits and special conditions matter as well as price, and that the PDS provides detail. Link to the document behind a summary rather than trying to reproduce every condition in a short note. See Moneysmart’s home insurance guide.

Separate premiums, cover and excesses

The premium is the price you pay for the policy; the excess is the amount payable by you in connection with a claim under the applicable terms. Cover limits describe the policy’s maximum benefits in relevant circumstances. These figures serve different purposes and should not be put in the same field.

For a purely illustrative record, an annual premium of $1,200 and an excess of $750 are two separate entries. A monthly payment schedule may have its own terms, so record the actual premium and frequency shown by the insurer rather than assuming an annual quote is simply divided by twelve.

If different insured items or events have different limits or excesses, keep that distinction in your notes and documents. A single headline amount cannot describe all the conditions that might apply to a claim.

Connect the policy to the right record

Link a building policy to the relevant property and a vehicle policy to the right vehicle. Where a policy covers several items or people, make that scope easy to understand without duplicating the policy as several unrelated current records.

Financial Portfolio supports links between policies, assets, beneficiaries, professionals and payment sources. Detail fields and document storage depend on the plan. Use the insurance feature and document vault to keep the record and its evidence together.

Check whether cover also exists through super

Your insurance inventory may extend beyond policies you pay for directly. ASIC Moneysmart recommends checking what cover you have through super, including whether multiple super accounts mean multiple premiums. Confirm the type, amount and terms with the fund rather than assuming it duplicates or replaces another policy.

Keep fund-held cover identifiable in your index and retain the relevant fund documents. Decisions about retaining, replacing or cancelling insurance need care; this guide does not assess suitability. Read Moneysmart’s insurance through super guidance and seek help for your circumstances.

Use renewal as a review point

Keep the renewal date and a personal review reminder together. Before renewal, compare the new documents with the existing record and note questions for the insurer. For home insurance, Moneysmart recommends reviewing cover each year rather than automatically accepting the notice.

A practical review checks whether the insured asset or circumstances changed, whether the listed people and contact details are right, and whether the current schedule has replaced the previous one. Keep any answers or confirmations with the policy so you do not repeat the same investigation next time.

Financial Portfolio displays dates you record, but scheduled renewal emails are not currently implemented. Use your own calendar or another reminder method when a deadline matters; do not rely on an email the app has not promised to send.

Make claims information easy to locate

Record the insurer’s claims contact from its official website or policy documents and keep it separate from a broker or adviser contact. If you already have a claim, keep its reference and correspondence clearly labelled so it is not confused with the policy number.

The app organises records; it does not arrange cover, compare quotes, determine adequacy, decide a claim or submit it to an insurer. Contact the insurer about what evidence and process apply. A portfolio note is a useful index, not confirmation that an event is covered.

Finish with a policy-record check

Check that each current policy has a recognisable name, correct provider, policy reference, relevant people or asset, cover dates and accessible documents. Mark replaced policies clearly and retain older material according to your circumstances and professional advice.

The document and policy checklist builder can help organise the next collection session. Start with the policies you would need most urgently, then fill the remaining gaps. Ask the insurer or an appropriately qualified adviser about policy interpretation and personal insurance needs.