Review of your insurance

Review of your insurance
 

 
Most people only turn to their insurance brokers or underwriters when a significant event arises in their life that requires a change or overhaul of a warranty: perhaps with the purchase of a new home or when changing their old car. However, few of them consider reviewing their insurance on a regular basis or in the event of more minor changes in their warranty needs.

By regularly reviewing your contracts, you ensure that the guarantees adequately meet your needs should you unfortunately have to submit a claim. It also helps you make informed decisions about your coverage and therefore proactively lower your insurance costs.

Many circumstances are likely to change your coverage needs and prompt you to contact an insurance professional for a review. Below are examples in which we recommend that you review your guarantees:

Renovations - If you are doing renovations to your home, chances are you will increase its value. Whether it's a new kitchen, bathroom, pool, or expensive landscaping, remember to check your policy limits to make sure they're still right. in the event of a covered loss. If you've recently made renovations to your basement, also note that you will likely need to review your water damage insurance.
You've accumulated property - Have you taken an inventory of your home lately? Most people have more personal possessions than they realize. It is essential to assess the total value of your property in order to ensure that the amounts of your guarantees are adequate.
You bought a very valuable property - Remember that some of your personal belongings need to be specifically insured in order for them to be properly covered. Jewelery, antiques, collectibles, wine collections and works of art are some examples of goods that may require additional collateral.
Offers New Guarantees - The insurance industry constantly adapts to changing market conditions and offers guarantees in areas previously not covered. Some insurers in some areas have recently started offering insurance for surface water damage and residential repairs (such as a broken furnace) to homeowners. In addition, some brokers, anxious to offer you better guarantees and meet your insurance needs, offer insurance covering legal fees, travel insurance and pet insurance.
Laws Change to Give You More or Less Choice - In Ontario, recent changes to motor vehicle accident benefits should prompt you to reconsider your choices.
You become eligible for additional discounts - Changes in your personal circumstances could affect your eligibility for policy discounts. For example, if you install an alarm system you will likely be eligible for a discount on your home insurance. If you use winter tires on your car, many provinces (now including Ontario) offer a discount on your auto insurance policy. After age 50 to 55, you become eligible for the Mature Driver Discount.
If you change jobs and the commute to work decreases - You should let your insurance broker know, as driving less generally results in lower risks and lower premiums. Depending on the type of job you hold, you may be eligible for lower insurance rates.
You start working from home - Using your home other than for strictly residential use may require professional insurance to adequately cover you.
Your Personal Situation Changes - If you get married or become a parent, you will need to consider reviewing your benefits to ensure that your dependents are protected in the event of an accident.
Your child obtains his driver's license - Your child has a driver's license (or apprentice or probationary), you must immediately notify your broker in order to add it to your policy. This is often the cheapest option. If they are purchasing their own vehicle, you may be eligible for a multiple vehicle discount.
If your child leaves the family home to study at college or university - Check if your home insurance coverage can be transferred to protect your property.