Times to consider updating your home insurance
Times to consider updating your home insurance
For most of us, our home is our chief asset, vital for our future financial security. And its protection is essential for our current peace-of-mind. Here are some important occasions when you should consider updating your home insurance.
Your renewal date
The most sensible time to reassess your needs and situation is when your home insurance policy comes up for renewal. First: has anything changed in your insurance company’s options or offerings? For example, maybe there have been modifications to what’s covered in case of floods or earthquakes.
Next has anything significant changed for you and your home? Take the examples below.
New occupants
Some home insurance covers your possessions and those of your close family living with you. If another relative moves in — like an aging parent — this may be a good time to review your policy and possibly update it. Likewise, if some moves out, it’s worth reviewing your policy. Students away at college, for instance, may or may not have their possessions covered against theft.
Moreover, if you’re thinking of renting out part of your home or taking on a lodger, you may need extra coverage. Which leads to the next suggestion.
Starting a home-based business
It seems nearly everyone has a side hustle these days. If you’re thinking of running a business from your home, you may not be covered. Talk to your insurance broker or company. There’s much to consider.
Do you need special facilities, like a workshop? How much of your home would the business occupy? Will you be hosting clients in your home who may require parking? Maybe you need extra liability coverage for them.
Remodeling and renovations
The expression says it all: home improvements! Significant work around your home, like finishing a basement, adding an extension, remodeling a kitchen or bathroom could impact (aka ‘improve’) the replacement value of your home. Be sure your insurance policy reflects that value.
Same goes for any new structures going up on your property. A new garage, shed, gazebo, etcetera should be listed and included in your insurance coverage.
Upgrades to security and safety
A safer, more secure home is a better risk for an insurance company. Bottom line? If you install a home security system with alarms, for instance, you may be eligible for a discount because you’re less likely to need to make a claim.
Speaking of safety … as we mentioned above, be aware of which natural disasters your insurance may not cover. Earthquakes, floods, and wildfires are common exceptions. Are such events occurring more often in your part of Canada these days? Your insurance company may have changed what it covers in basic home insurance.
Acquiring valuable items — from jewellery to hockey card collections
If you’ve been buying expensive gems, original artworks, perhaps assembling a vintage vinyl recording collection or antiques, you may not have adequate coverage. Every situation is different. Talk to your insurance company or broker to be sure your current coverage is the right combination for your home.
If you have questions about when or whether to modify your home insurance, PC® Insurance has answers to FAQs. If you’d prefer to talk to a human, contact us.
And if you’re thinking of rethinking your home insurance at all, it takes just minutes to get a free quote now.
General information not about PC® Insurance home and auto coverage is provided for your reference and interest only. The above content is intended only to provide a summary and general overview on matters of interest and is not a substitute for and should not be construed as the advice of an experienced professional. PC® Insurance does not guarantee the currency, accuracy, applicability or completeness of this content.
