Over time, many things in our lives change. When these changes occur, our insurance should adjust accordingly. Whether you purchase a new car, get married, or welcome a little one into your family, you should review your insurance. At isure, we understand that reviewing your insurance can be tedious. It can be easy to forget important details, especially when you are busy with big life changes.
However, it is important to review your policy regularly. In fact, it should be done annually! No matter your situation, you can rest assured that isure has you covered. So, no matter the type of insurance, we have you covered with our tips for reviewing your policy.
When Should You Review Your Insurance Policy?
You should review your insurance policy at least once a year and whenever a major life event occurs, such as getting married, buying a home, having a child, changing jobs, purchasing expensive items, or adding a new driver to your household. Regular insurance reviews help ensure your coverage remains accurate and adequate.
Preparing For Your Insurance Review
Being prepared before reviewing your insurance policies is super important to ensure you have the right documents on hand. This will ensure your review is both beneficial and efficient. In addition to a valid form of identification showing your name and date of birth, a few key items are required for renewal.
For your car insurance policy, bring all available information for all of your vehicles. This information includes the make, model, and year of your vehicle, as well as a list of the specific drivers who use the vehicle. When you are reviewing your home insurance policy, it is important to know the age of your home’s features. This can include the furnace and HVAC system, as well as your roof and deck.
Always Ask Questions During Your Insurance Review
Your insurance coverage is an important topic! You should never leave an insurance review with more questions than answers. Any good insurance broker will have no issue answering any questions you may have. You may be curious about which coverage is best for you or when your policy renews. Maybe you want to know whether it’s worth insuring the new artwork you bought.
Whatever the question may be, never hesitate to ask! At isure, we always put the customer first. We ensure our clients leave each meeting or call with a clear understanding of their insurance policies.
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How Family Changes Affect Your Insurance Coverage
Changes in your family are major events that will most likely affect your insurance. When reviewing your insurance policy, it is crucial to track any recent changes. Examples include having or adopting a child, having a new driver in the family, or recently marrying or divorcing. It is also important to mention any deaths of loved ones that may have occurred since you last reviewed your policy.
Make Note Of Any Child Milestones
If you do not have any kids, it is okay to skip this one! However, if you are a parent, it is very important to note any milestones your children have reached since you last performed an insurance review. These are generally characterized by any big, once-in-a-lifetime moments that occur in your children’s lives.
Common examples include graduating from high school and beginning college or university. They may move out on their own for the first time, or get their G1 on their 16th birthday. If you’re unsure whether one of these milestones is worth mentioning, please call your isure broker.
Should You Update Your Insurance After Changing Jobs?
Another thing to mention during an insurance review is your work situation. It is important to indicate whether you have started a new job; however, changes at work can involve more than that. Certain things, such as promotions, demotions or raises, are important to mention. If you are a business owner, it is also crucial to indicate whether you have started a new company or sold your previous company. Remember, your income can greatly affect your insurance, so it’s important to note any changes to help prevent NSF payments.
When Should You Update Insurance After Moving Or Renovating?
You may have already guessed it, but your housing situation can have a big effect when it comes to your insurance. If you have recently purchased a new home, you may have already set up an insurance policy for it. However, there are a few other factors you will want to note during an insurance policy review.
It’s possible you’ve moved recently, or as mentioned above, you have fewer people living under your roof. It is also important to mention whether you have begun renting out your apartment, sublet it to someone, or made any major renovations.
Include Any Recently Purchased Items During Your Insurance Review
Did you recently purchase a new television? How about that new kayak you have always dreamed of? Maybe you took up a new hobby and decided to purchase a guitar. Please keep track of any high-value items you have recently purchased that need insurance. If you don’t insure expensive items, you could face high out-of-pocket costs if they become damaged or lost.
Be sure to mention valuable possessions such as electronics, antiques, artwork, and specialized equipment during your insurance review. If you’re unsure whether an item requires coverage, ask your isure broker today or during your next call.
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Familiarize Yourself With Your Policy
Most insurance policies include a cover page that lists basic information. This is also known as a ‘declaration page’. When you perform an insurance review, it is important to ensure you are familiar with your policy’s structure and the information on your declaration page. This typically includes your basic information (name, date of birth, address) and your insurance company’s contact information. On top of this, it will typically include key details of your policy and any exclusions.
Inquire About Discounts And Endorsements!
Who doesn’t like saving money? When you have been with an insurance company for some time or have bundled your insurance with the same company, you may be eligible for discounts! Many insurance companies offer discounts for many reasons, some of which can save you hundreds of dollars per year. Never skip asking about available discounts when it comes to insurance, as there is always a good chance you are eligible. Additionally, many types of auto and home endorsements can save you money, as well.
Familiarize Yourself With Your Company During an Insurance Review
Whether you are a new customer with your insurance company or have been with them for years, familiarizing yourself with their policies is key! Though an insurance check is a great time to do so, anytime is a good time to gain a better understanding. Make sure you are aware of all the ways to contact them in an emergency. Assure them that they will always be ready to serve you with any questions you may have regarding your insurance!
How Often Should You Review Your Insurance Policy?
How Should I Review My Insurance Policy?
It’s important to review your insurance policy annually. Alternatively, it should be reviewed after any life changes such as marriage, divorce, moving or purchasing valuable assets.
What Documents Do I Need For An Insurance Review?
- Driver’s licence
- Vehicle information
- Home details
- Renovation records
- List of any valuable possessions
- Current policy documents
Can An Insurance Review Lower My Premiums?
Yes. During any review, you may qualify for new discounts. On top of this, you may be eligible for bundling opportunities, endorsements or updated coverage options.
What Life Changes Should I Report To My Insurance Company?
The following life changes should be reported to your insurance company:
- Marriage
- Divorce
- New Child
- New Driver
- Home Purchase
- Renovations
- Employment Changes
- High-Value Purchases
Keep Your Insurance Coverage Up To Date
From major life events and career changes to home renovations and valuable purchases, keeping your coverage up to date helps ensure you’re prepared for the unexpected.
By reviewing your policies annually and communicating any important changes with your broker, you can avoid coverage gaps, discover potential savings, and gain peace of mind. If you’re considering switching brokerages or looking for ways to save on insurance, please get in touch with isure today!
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