Did you know that changes in your life can also affect your home insurance needs? While an insurance broker can offer valuable advice, you are likely the best person to identify any changes that have occurred since your last declaration.
Be sure to provide a comprehensive overview of your situation at renewal time so you can relay the relevant information to your broker or directly to your insurer. You should declare anything that might render your coverage outdated or unsuitable.
Not sure where to start? Read on to discover the 10 essential questions you should ask yourself before renewing your home insurance.
1. Have you made any significant renovations or repairs to your home?
- Have you replaced the roof?
- Have you completed the construction of the basement?
- Has your property been expanded?
- Have the foundations been redone?
- Have there been any changes to the plumbing or electrical systems?
Not all modifications or repairs to your property need to be reported to your insurer. Routine maintenance or purely cosmetic improvements typically don't require notification.
However, if the work done increases the cost of rebuilding your home or reduces the risk of damage, you should inform your insurer so they can adjust your home insurance coverage accordingly. In some cases, you might even see a reduction in your premium depending on the nature of the repairs.
2. Have you installed a pool, sauna or spa?
Swimming pools, spas and similar installations are not automatically covered by your home insurance policy. If you’ve added an in-ground pool, you’ll need to contact your insurer to add extra coverage to your policy.
3. Have you acquired items that significantly increase the value of your property?
It's important to notify your insurer of any additions that could impact the value of your policy, such as:
- Jewelry
- Antiques
- Artworks
Otherwise, if you need to make a claim, your insurer will base the payout on the value declared in your previous policy.
4. Have you acquired any computers or multimedia equipments?
Items that aren't declared to your insurer won’t be covered in case of theft, fire, or other incidents. It’s in your best interest to inform your insurer of any new items added to your inventory to ensure they are covered, such as:
- Computers
- Video game consoles
- Cameras
5. Do you have any items stored outside the boundaries of your property?
Your home insurance typically covers belongings and items within your property. If you have significant items stored outside your property’s boundaries, such as in a storage unit or at another location, you should report these to your insurer so they can adjust your coverage accordingly.
Maintaining a comprehensive inventory of your possessions helps determine the right coverage and simplifies the claims process if needed.
Consider using forms to inventory your belongings and provide your insurer with visual evidence to verify ownership whether the items are inside or outside your home.
6. Has anyone living with you moved out or has there been a new person moving in?
This could include a child, a spouse, or anyone else.
Your home insurance generally covers:
- Your spouse.
- All adult dependents.
- Dependent students, whether living with you or not.
- Any person under the age of 18 in your care and living with you.
It is essential to inform your insurer of any changes in the household to ensure your policy accurately reflects your current living situation.
7. Are you the owner of a new pet?
Pets may be covered by your home insurance policy, and under certain conditions, your insurance might help cover costs if your pet causes damage to your property.
Contact your insurer to understand the specifics of your coverage and how it applies to your new pet.
8. Do you rent or plan to rent your home to a third party?
This included short-term rentals or home exchanges. Be sure to clarify your rental situation with your insurer to ensure your policy covers any changes or additional risks associated with renting out your property.
9. Do you conduct business activities in your residence?
If you run a business from your home or use your property for commercial purposes, you may need to extend your home insurance coverage. This can include coverage for business-related property such as tools or computer equipment, additional costs in the event of a claim, and potential damage to others.
Any business or professional activity, no matter how small, must be reported to your insurer. Failure to do so could lead to your insurer cancelling your policy or refusing to cover damage, even if it’s unrelated to the business activity.
10. Do you work from home (temporarily or permanently)?
If you work from home, especially if your employment contract specifies remote work, your employer’s insurance typically covers you. However, it’s advisable to inform your insurer and discuss the specifics of your situation to ensure your home insurance is adequate and to avoid any potential issues.
Are you looking for a new home insurance policy?
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