Life is full of changes, both big and small. While you might be focused on the excitement of new ventures and personal milestones, it’s crucial to remember the impact these changes can have on your insurance coverage. Here’s a detailed guide on when to notify your broker to ensure your policy remains up-to-date and fully protective.
1. Home Renovations
When you embark on home renovations, it often increases the value of your property. Your original insurance policy was based on the initial assessment of your home, including details like square footage, roofing type, plumbing, and electrical systems. To ensure complete coverage in case of a total loss, notify your broker about any upgrades. This ensures your policy reflects the actual value of your home post-renovation.
2. Changing Relationship Status
Marriage or divorce introduces significant changes to a household. These life events may necessitate shifting from tenant insurance to a homeowner's policy or vice versa. You may also need to add or remove someone from an existing policy. Informing your broker about these changes will help eliminate potential coverage gaps for everyone involved.
3. Household Occupancy Changes
The number of people living in your home affects your insurance policy. Whether a family member moves in or out or you start renting a part of your home, updating your broker is essential. Specific insurance needs arise with tenants and short-term rentals that should be accurately reflected in your policy.
4. Acquiring Valuable Items
If you purchase high-value items like jewellery, art, or custom furniture, you might need more than your current coverage. It’s important to review your policy with your broker whenever you acquire valuable assets to ensure they are adequately protected under your insurance policy.
5. Starting a Home-Based Business
Operating a business from your home presents unique insurance challenges. While some aspects may be covered under your home insurance policy, home-based businesses typically require distinct coverage to avoid invalidating parts of your policy. Always consult your broker before launching a home business to ensure you have the right protection.
6. Upgrading Plumbing, Heating, or Electrical Systems
Modernizing core systems like plumbing, heating, or electrical can impact your insurance premiums. Since your original policy is based on the systems present at its creation, you should inform your broker of any upgrades. Improved systems often qualify for lower premiums, saving you money while ensuring adequate coverage.
Life’s transitions are often thrilling and demanding, and it’s easy to overlook insurance amidst the excitement. Nonetheless, your broker is there to ensure your coverage evolves with you, no matter your life stage. By keeping your insurance policy updated, you ensure ongoing, comprehensive protection for your home and belongings. Be sure to reach out to EasyInsure if we can help you. 1-800-679-2640 or email:
info@easyinsure.ca.