Top 4 Reasons to Review Your Insurance

Top 4 Reasons to Review Your Insurance

Posted 04/01/2019

by Harvard Western Insurance in

Let's be honest, it's tempting to just renew your insurance year after year without actually sitting down to review it. But this is a new year, you are a new you, and in the last 12 months, your life has undoubtedly changed! Regularly reviewing your insurance policies and risks with your broker can help ensure that in the event of a loss you aren't left in a bind. While there are many factors that can impact your insurance needs, the following 4 common changes should always prompt a review of your coverage.

  1. A New Relationship: Love is a crazy and wonderful thing. If you have someone who is dependent on you it's important to have coverage in place so that your loved one isn't left in a bind should something happen to you.
    1. Life Insurance: Could your significant other afford mortgage payments, funeral expenses, or debt payments on their own? Adding them to your policy can help them maintain their standard of living if you were to suddenly become ill, get injured, or pass away.
    2. Home/Tenant Insurance: When moving in with someone who is not your spouse, and you aren't considered common law, your stuff is not covered under their policy. Getting your own insurance will make sure your belongings are insured against a loss.
  2. Renovations: Your home is a reflection of you! Renovations are a great way to invest in your space and make it your own, but it's important that you protect that investment.
    1. Home Insurance: Adding a garage, finishing your basement, or re-siding your house are all things that could affect the rebuilding value of your home. It's important to review your dwelling limit on your home insurance to make sure that in the event of a loss, your upgrades are covered.
    2. Tenant/Condo Insurance: If the worst happens and your home experiences a loss, the landlord or condo board are only responsible for rebuilding your unit the way it was originally. Any improvements or betterments that you make to your home would have to be insured under your own policy. So if you've replaced your flooring or installed brand new countertops, you'll want to make sure the limits on your policy are enough.
  3. A Baby: Babies are beautiful, innocent, small, and fragile miracles. Bringing new life into this world is a big responsibility, and it's critical to make sure that when the unexpected happens, you have a safety blanket in place.
    1. Life Insurance: If you were to pass away, would your dependant be able to have the future you envisioned? Life insurance could contribute to an education fund or savings account.
    2. Heath Benefits: A new baby means an extra pair of glasses and an extra set of braces. If your job's benefits are not enough, or end unexpectedly, having your own plan in place can ensure you have the right coverages for your specific needs. 
  4. New Stuff: As you look back on the last 12 months, ask yourself if you’ve acquired any new things? Whether you purchased new furniture, were gifted new electronics, or inherited a new boat, your collection of things has probably grown.
    1. Belongings limits: Your home, tenant, or condo policy comes with a belongings limit. This is the maximum amount that you will get paid out if you were to experience a loss. If a fire took away everything you own, would your belongings limit be enough to replace it all?
    2. Special Belongings: Not all belongings are equal. Some of your stuff (jewellery, sports equipment… etc.) may have a restriction on them within your belongings limit. Special belongings will need to be scheduled onto a policy to make sure they are fully covered. Some belongings are also not covered at all by your home insurance. Things like quads and snowmobiles will need their own individual policies.

If you’ve experienced any changes in your life and you want to make sure are protected, a quick call with an advisor can help you assess your current needs and give you the peace of mind you deserve.

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