A lot can happen in 12 months! Update your insurance broker with any changes in your life.
When you purchase a home insurance policy, it is valid for one year from the time you sign. And, conveniently, it renews rather seamlessly each year. But, no matter how easy we make the renewal, you should review it every year to confirm you have adequate coverage AND that nothing has changed in your life from the year before.
When you signed the policy initially, it reflected your needs at that specific time in your life. When you get the renewal package in the mail, it’s a great time to stop and reflect. What is there about your life that may have changed over the course of a year? And how might those changes impact your insurance needs?
Let’s take a quick look at the life changes that warrant updating your insurance broker:
1. Marriage… or divorce
It’s not unusual for a change in relationship status to require an update to your home insurance policy. Are you soon to be married? You’ll probably want to add them to the policy or perhaps transition from tenant insurance to a homeowners policy as, together, you’re buying a home. In the event of divorce or separation, it means removing someone from an existing home insurance policy. If you are experiencing a relationship change, your insurance broker will ensure your policy and coverage fit your most recent status and needs.
2. Home renovations or plans to renovate
Your insurance broker will require a thorough assessment of your home when you sign a new policy. This ensures the appropriate identification of the dwelling’s value in your coverage. Your insurance broker receives detailed information that includes everything from the size of your home, how many bathrooms, and what kind of roof it has to details about the heating and plumbing and more. This information helps to determine the cost of repairs or rebuilding your home in the event of a loss.
If you have recently renovated or plan to renovate, it will probably add to the value of your home. So, it makes sense to update your insurance broker so they can change your policy accordingly.
3. Upgrades to infrastructure
As with home renovations and improvements, upgrades to the infrastructure of your home – plumbing, heating, and electrical systems, for instance – will increase the value of your house.
Since your existing policy reflects the previous systems in place., it’s important that you update your insurance provider with any upgrades to your home’s infrastructure. Know that you have the proper coverage in the event of a problem that requires repair or replacement. Chances are, core system upgrades will result in lower premiums saving you money!
4. Talk to your insurance broker if you start a home business
You should talk to your insurance agent about what, if anything, your home insurance policy covers if you have a home-based business. Depending on the nature, scale, and scope of your business, it might be covered in your homeowner’s policy. It may be, however, that it requires a different policy altogether.
In some cases, home business activity that isn’t reported can invalidate certain components of your insurance coverage. It’s not worth the risk. If you are in doubt, ask your insurance agent.
5. People moving in or out
When you signed your initial policy, the number of people living in your home was taken into consideration. If you have tenants or use your home as a short-term rental, you have specific insurance needs to address.
To be safe, and avoid the risk of not having adequate coverage, update your insurance broker as people move in and out of your home.
6. Tell your insurance broker about valuable acquisitions
We design your homeowner’s policy to replace everything you own in the event of loss or damage in an insured event. Have you purchased anything of significant value since you first signed your policy? You should reach out to your agent and ask if you need to re-evaluate your coverage. Wondering what the value of your belongings is? Check out this handy to tool to help you calculate the value.
There are many exciting life changes we experience that can impact our home insurance, and some are not so exciting. And we know that good or bad, you’re not really thinking about your home insurance. We just want you to have the proper coverage at all times – we’re always here to help you keep your policy as updated as possible!
Working Ventures Insurance is British Columbia’s top insurance broker with a speciality in group and union member insurance. If you are a union member in BC, we can get you the BEST RATES on your insurance.
Questions about changes in your life and if they affect your home insurance? We can help – CONTACT US!