How often should I review my home insurance policy, and why?

A. It’s definitely important to review your home insurance policy on a regular basis. Any life events, new purchases and occupancy changes should all result in a conversation with your broker to ensure your policy still provides the best coverage for your needs. When your policy comes up for renewal is also another excellent time to review your insurance needs.

CAA Manitoba Insurance is offering a Triple Check Policy Review, which includes:

  1. Reviewing your current policy
    • Are there any changes in coverage since last year?
    • Should the deductible be raised to save money?
    • Have you made any major purchases (jewelry, artwork or other personal possessions) that need floater or endorsement coverage?
    • Have any major improvements or renovations been made? (Don’t forget about new structures outside your home, such as a gazebo, garage, tool shed or hot tub.)
  2. Identifying needs and options
    • Do you need higher limits of coverage to ensure you are not underinsured?
    • Have there been any recent life events? Marriage, divorce, or adult children moving back in can all affect the belongings limits on your home policy.
    • Do you need to cover students living away from home?
    • Do you have a home-based business that requires additional coverage or a separate policy?
    • Do you need overland water, home equipment breakdown or umbrella liability coverage?
  3. Confirming your insurance discounts

    Are you receiving all the discounts you’re entitled to, including:
    • being claims free
    • being non-smoker
    • being a mature individual
    • being a CAA member
    • having an alarm system
    • making recent heating, plumbing or electrical system upgrades

Each individual’s circumstances are different, and CAA Manitoba Insurance will work with you to tailor your policy to best suit your needs. Have one of our experienced insurance brokers do a Triple Check Policy Review for you. Call 204-262-6056 to make an appointment or visit one of our service centers today.                            This article was written by CAA Manitoba and taken from the spring news letter.

 


Michael Rauser

Michael Rauser

REALTORĀ®
CENTURY 21 Sun Country Realty
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