Most people contact their insurance agent or insurer when there is a significant event in their life that requires new or revised risk coverage — perhaps when they’re buying a new home or it’s time to trade in that old car. Far fewer, however, remember to review their insurance at regular intervals or when there are more subtle changes in their coverage requirements.

Regularly reviewing your insurance will help ensure your coverage meets your expectations in the event you are unfortunate to have to make a claim. It also helps you make informed decisions about insurance coverage and proactively minimize your insurance costs.

There are many different circumstances that could potentially change your coverage requirements and prompt a call to an insurance expert to review. The examples below show some of the cases in which you might want to check your coverage:

• renovations – When you renovate your home, you are likely to increase its value as well. Whether it’s a new kitchen, bathroom, pool, or even expensive landscaping, remember to review your policy limits to ensure they remain reasonable in the event of an insured loss. Also, if you’ve recently renovated your basement, be aware that your water damage insurance will likely need to be reviewed.
• You have accumulated possessions – Have you done a home inventory lately? Most people have more personal possessions than they think. Estimating the overall value of your content is critical to making sure your limits are reasonable.
• You have purchased a quality item – Remember that some of your personal belongings need to be properly covered. Jewelry, antiques, collectibles, wine collections, and art are some examples of items that may require additional coverage.
• New covers have become available – The insurance industry often adapts to changing market conditions and offers coverage in areas it did not have in the past. For homeowners, insurance for overland water damage and home repair issues (e.g., broken stoves) has recently become available from some insurers in some areas. In addition, legal expenses insurance, travel insurance and pet insurance are available from brokers looking to cover more of your risk and insurance needs.
• Laws change to give you more or fewer choices – Changes in car accident benefits mean you should review your choices.
• You will be entitled to additional discounts – Changes in your personal circumstances may affect your eligibility for policy discounts. For example, if you install an alarm system, you’re likely eligible for a rebate on your homeowner’s policy. If you use winter tires on your vehicle, many insurers will give you a discount on your car insurance. If you are over the age of 50-55, you may be eligible for senior driver discounts.
• If you change jobs and have a shorter commute – You should report this to your insurance broker, as driving less usually correlates with lower risk and lower premiums. If you have a specific job, you may also be entitled to lower insurance rates.
• They started a home business – Any use of your home other than purely residential may require business insurance to adequately cover liability risks.
• Your personal circumstances change – If you are getting married or have children, you should review your insurance coverage to make sure your coverage is sufficient to care for your loved one in the event of an accident.
• Your child gets a driver’s license – Always check if your child can be added to your policy. It is often the cheapest option to insure them for driving. If they get their own car, you’re probably also eligible for a multi-car discount.
• If your child moves away to attend college or university – Check if your homeowner’s coverage can be extended to protect your child’s assets while they are out of school. It can be less expensive than purchasing standalone renters insurance.
• If you haven’t had an insurance review for more than a year – Your coverage levels may be out of date. A key example of this is your home insurance. Real estate values ​​and replacement costs can easily increase to such an extent that your existing coverage amounts no longer allow you to completely rebuild your home in the event of a total loss.

Taking the time to talk to your insurance expert is time well spent. Even if you don’t save on your insurance costs after the call, there’s no substitute for the protection you expect when a claim arises. Since most insurance policies have a one-year term, it’s a good idea to speak to your insurance expert before renewing your annual coverage.

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