When expanding your home, making a new purchase, or receiving an inheritance, your first instinct might be to share the news with friends and family. However, it’s easy to forget to notify one crucial person: your insurance broker. And yet, doing so is essential to ensure your coverage remains appropriate and up to date. Here’s a list of important changes you must report to your broker:
Getting Married or Divorced
Many insurers offer discounts if you live together and bundle your home and auto insurance, or if you own multiple vehicles. You can also insure wedding or engagement rings. In the event of a divorce, talk to your broker to adjust your policies, reflect any name changes, and update your personal information.
Buying, Renting, or Moving into a New Home
Losing your home in a fire only to find you’re underinsured would be devastating. Make sure your insured amount reflects the cost of rebuilding—not just market value. Even as a tenant, your belongings deserve protection. Tenant insurance covers personal property and provides liability coverage in case someone is injured on your premises.
Purchasing a New Vehicle
As soon as you buy a new car, notify your insurance broker with the year, make, model, Vehicle Identification Number (VIN), and any other relevant details. Premiums can vary significantly depending on the vehicle.
Starting a Business (Even a Home-Based One)
No matter the size or location of your business, appropriate coverage is essential. Declare all business activities. If you use your vehicle for business or store equipment at home, you may need additional coverage. Your broker can guide you through the options.
Renovating Your Home
Major improvements such as adding a new room, remodeling the kitchen, or enclosing a porch can increase your home’s value and potentially leave you underinsured. Your coverage limits may need to be updated accordingly.
Having a Teen Driver
If your teenager gets their driver’s license, proper insurance coverage is crucial. Since it can be expensive, make sure they complete all required driver training. Most importantly, inform your broker so they can be adequately covered.
Acquiring a High-Value Item
Whether you buy or inherit a valuable item, review your home insurance policy’s contents coverage—it may not be sufficient. You might consider scheduled personal property insurance or an umbrella liability policy for broader protection.
Children Going Away to School
If your child moves into campus housing or off-campus, check your insurance to make sure their personal belongings and vehicle are still covered.
Transporting Passengers
If you’re transporting passengers, your liability insurance should reflect the increased risk of having others in your vehicle.
Installing a Security or Smart Home System
These systems can lower the risk of theft or serious damage (such as automatic water shut-off). Even during the planning phase, let your broker know—some devices may qualify you for discounts.
Changing Your Mortgage or Auto Loan Lender
If your policy still lists your previous lender, claims payments could be issued to the wrong party. Always update your broker when your creditor changes.
Driving Less
Remote work, living closer to work, or joining a carpool can reduce your annual mileage. This may qualify you for lower premiums, as insurers consider reduced mileage a lower risk.
Buying a Second Home
Whether it’s a cottage or a waterfront property, ensure it’s properly insured—especially if it will sit vacant for long periods. If you plan to rent it out, inform your broker.
Traveling Abroad
If you plan to drive outside of Canada, your current auto insurance may not provide coverage. For instance, coverage is often not valid in Mexico.
Protecting Against Identity Theft
To guard against this growing risk, consider adding identity theft and cyber risk insurance to your policy for full household protection.
Retirement
You may be eligible for home or auto insurance discounts. Also, your driving mileage may significantly decrease once you’re no longer commuting to work.
Change of Address
Lors d’un déménagement, avisez sans délai votre courtier afin qu’il mette à jour votre dossier, pour vous envoyer vos documents à la bonne adresse et pour s’assurer que votre nouvelle propriété est correctement assurée.
Conclusion
Always keep your insurance broker informed of any changes that might impact your coverage. This helps prevent gaps in your protection.
For any questions, do not hesitate to contact our brokers : 1 866 961-3553
