When your life changes, your insurance should too
You purchased insurance to protect the things that are important to you. Over time, your circumstances change, as do the type and amount of protection you need.
Take a look at this list of common life changes. Each represents a potential shift in your insurance needs and should prompt a call to your licensed insurance advisor for a review of your current policies.
Change
in marital status. If you are joining households, getting married
or separating, you should re-evaluate the amount of coverage on your homeowner
or property insurance. Getting married may also qualify you for a discount
on your auto insurance.
Change in location. If you’ve moved recently, the distance you travel to work may be different, and you may be using your vehicle more (or less) frequently. Factors such as these can affect your premiums.
Your new home, as well, may have a different replacement value than your old one. This will definitely be the case if you’re moving to much larger or smaller premises.
Change in use of vehicle. Carpooling with co-workers or driving children calls for an increase in liability insurance to reflect the added risk of carrying extra passengers. Similarly, if your car becomes necessary for your job, or if you start to use it to drive clients, you may need to change your coverage.
Entering retirement. If you (or your spouse) will be retiring soon, you may be able to look forward to a retiree discount on your auto insurance. Your premiums may also be reduced if you no longer use your vehicle to commute.
New driver in the family. Enrol a new driver in a recognized driver’s training school. Not only will this make for safer driving, it will pay off within a few years with reduced premiums.
Buying a home. If you’ve just purchased your first house, you will need to obtain home insurance.
Home renovations. Putting an addition on your house, building a new garage or shed, or adding valuable features such as a deck, hardwood flooring or a new kitchen may increase the replacement cost of your home and require you to purchase additional home insurance coverage.
Acquisition of a valuable item. Individual items, such as jewellery, are covered — up to a specified amount — on your existing home insurance policy. If any items exceed this amount, consider insuring them as Valuable Personal Articles. It’s a good idea to have the items professionally appraised to verify their value.
If any aspect of your life has changed since you purchased or renewed your insurance, contact your licensed insurance advisor. He or she will be happy to review your existing coverage and recommend any necessary adjustments.