Insurance policy -isure

5 things to consider when reviewing your insurance policy for 2016


Insurance GAPS form when lifestyle changes, sometimes seemingly inconsequential, are not reflected or updated in your insurance policy. Completing an annual review ensures you close these gaps, will help avoid increased hassle and minimize the chance of declined claims at the time of loss.

Did you recently buy the new big screen TV you had been eyeballing for months?

Maybe you finally decided to renovate your outdated kitchen.

Maybe you’re fancying a swimming pool in the backyard, just like you always dreamed of when you were a kid.

These are fairly common decisions that many homeowners come to every day, but how many of them consider how these decisions impact their insurance coverage? These decisions are usually not made lightly, yet often overlooked is how these types of home decisions leave gaps in one’s insurance coverage and can cause severe shortfalls in compensation when filing a claim.

Complete an annual review of your insurance policy coverage

Much like you have yearly check-ups for your health, we recommend everyone complete an insurance policy coverage review for all their insurance policies annually. Even seemingly small changes in your routine, like a changing work location, can leave gaps in your coverage eligibility.

Some things we recommend you think about when reviewing your coverage are:

Home Inventory

Think about all the expensive devices we use on a daily basis. Things like your TV, cell phones, tablets and video games are all costly and you want to ensure you have them covered for loss or damages. Keep an inventory that includes receipts, photos and model numbers.

Scheduled Items

Did you know that there are special items that many of us commonly own that aren’t fully covered under your home insurance unless you specifically schedule them under a “floater”? Items of Jewelry like engagement rings, valuable watches or diamond earrings and necklaces need separate coverage.  Sporting goods like golf clubs, fishing equipment or hockey equipment often need extra coverage.  Musical instruments like guitars, drums or classical instruments, perhaps for school, may need to be scheduled.  Medical aids like wheelchairs, hearing aids, dentures or contact lenses are often not fully covered.


Upgrades to your home typically affect your home’s value and you want to ensure that this is reflected in your insurance coverage. You also want to ensure the proper permits and inspections are completed to any future losses are eligible for coverage.

Home value

The housing market is currently as hot as it has ever been. When was the last time you had your property assessed? In case of any loss you would want to ensure that your coverage reflects fair market value for you and your family.

Additional Liability

When people add on structures like a pool or deck or even tree house it is important to address how this may increase the liability of their property. Speak with your insurer about how your coverage should reflect this increased liability.
The most important aspect uncovering gaps in your coverage is to ensure that at the time of a loss, you and your loved ones are properly compensated and that the processing of any claim is hassle free.

So now that you’re ready to install that kick-ass home-theater system, give us a quick call first. 



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