When your home insurance renewal notice arrives, it can be tempting to simply file it away without much thought. However, your needs and circumstances may have changed since you first purchased your policy. Take this renewal opportunity to assess your coverage, make necessary updates, and potentially save money. Here are seven factors to consider before renewing your home insurance policy.
Unlock Discounts: You might be eligible for discounts you’re unaware of. Have you recently paid off your mortgage, installed a home security system, or upgraded to a new roof? These changes could qualify you for discounted rates. Check with your broker to uncover all the potential savings opportunities relevant to your situation.
Assess Your Home Inventory: If it's been a while since you last updated your home inventory, take a walk through your home and document your valuables. Items like fine arts, jewellery, and collectables often have special coverage limits. Make sure you review these limits and discuss any necessary coverage adjustments with your broker to protect high-value items. Also, verify that any big-ticket gifts, like an autographed football or new computer software, are adequately covered.
Plan for Future Changes: Read your renewal notice carefully and anticipate any upcoming life changes, such as home renovations or starting a home-based business, which may require adjustments to your policy.
Reevaluate Your Liability Limit: Life changes, like getting a new pet or adding a swimming pool, could increase your liability risks. Reassess your liability coverage at renewal time and consult your broker to ensure you’re adequately protected.
Discuss with Your Partner: If you recently got married, consider bundling your insurance policies for savings. Also discuss insuring valuable items like engagement rings and wedding bands. If your partner has moved in but you’re not married, contact your broker to confirm their coverage under your existing policy.
Cover Your Home-Based Business: If you’ve started a new home-based business, communicate this to your broker to ensure you meet your coverage needs. Don’t wait until it’s too late to verify your policy aligns with your entrepreneurial endeavours.
Keep Track of Renovations: Recent home renovations can impact the value of your property and might make you eligible for discounts. Be sure to inform your broker of any updates before renewing your policy.
Protect Your Household from Cyber Threats: In today's digital age, the threats posed by cybercriminals are ever-present, making
personal cybercrime insurance an increasingly vital addition to your home insurance policy. This coverage can protect you against financial losses resulting from a wide range of cyber incidents, such as identity theft, online fraud, data breaches, and cyberbullying. If you often conduct transactions online, store sensitive information digitally, or are just keen on safeguarding your digital privacy, personal cybercrime insurance offers a safety net against these growing risks.
Beyond these considerations, you should also explore options like increasing your deductibles, bundling home and auto insurance, or checking for discounted rates through your school, employer, or association. Your EasyInsure broker can guide you through these steps, ensuring you have the optimal coverage to protect your assets.
You can learn more by clicking here, contacting us at 1-800-679-2640, or emailing us at
info@easyinsure.ca.