Let’s be honest from the get-go here – most people see their insurance renewal come in the mail and totally ignore it. Fortunately, if you’re reading this article, you’re probably not one of those people and that means we can give you some tips for what to do when you get that renewal paper. As a general rule, when no action is taken on insurance renewal, your policy will renew automatically.
First thing’s first – look over your renewal document. Make sure that the limits and deductibles are what you want them to be. You should even take the time to look over vital information like that they have the right address and policyholder name. You may see an increase in your premium so check to see if the insured value has increased (due to your property’s value increasing), and remember that if you’ve made any claims, your rates will probably go up. You may not have any factors that should have contributed to a premium increase, but remember, insurance is a shared pool of funds. Things like climate change causing natural disasters can cause everyone’s insurance to increase.
Now that you’ve looked over your renewal statement, consider any life changes you’ve made that the insurance company should know about. Have you made any renovations to your property that your insurer is unaware of? Let them know. It may increase your premium, but it will ensure that you have enough coverage. The same can be said of any substantial purchases you’ve made, from flat-screen TVs to artwork because when you acquire more personal property, you’ll need a higher limit. Have you started a home business? You need to let your insurer know as you may need a different type of coverage for your business. Changes in your personal life, from marriage to kids to divorce, can also drastically change the amount of personal property you need covered. Consider every major life change before letting that automatic renewal go through.
All that we’ve talked about so far will probably increase your premiums in exchange for better coverage. That said, there are some life changes that can actually decrease your premiums – fancy that! A newly installed security system or better fire mitigation measures can lower your risk and thus, your premiums. Have you paid off your mortgage? Congratulations! Not only are you now the full owner of your home, but you may also see a decrease in your premiums.
Always remember that if you’re not satisfied with your home insurance when the yearly renewal comes around, there’s nothing that says you can’t shop around. The best way of doing so is to talk to qualified insurance brokers in Winnipeg. We have a fiduciary duty to find you the best coverage for your situation, so we’ll help you find a policy that works for you.
Tell your friends! When you get that insurance renewal paper in the mail, don’t just ignore it. There could be savings or better coverage if you pay close attention so take stock of any life changes, and let your insurer know.