Insurance is often one of those things that you don’t think about until you need to, which is both a good and a bad thing. Quietly operating in the background, insurance should provide peace of mind and confidence in your protection, but it is also something that should be attended to regularly.
Major life events require a re-assessment of your coverage, and if approached correctly, could even result in an insurance discount.
Retirement
The day of retirement is a good one, long earned and well deserved. Retirement is also the perfect time to shop around for different coverage.
Usually, the first thing that happens when people retire is their driving habits change dramatically. Either you stop driving as much, as there is no more regular work commute, or you may even start driving more, taking long road trips or even purchasing an RV. As you will no longer be spending a lot of time in dangerous rush-hour traffic, a car insurance discount could be possible, however that could be offset by the purchase of another vehicle. In addition, some insurance companies offer discounts for older drivers as they may present less risk.
Since retirees spend more time at their homes, there may also be an opportunity to access lower home insurance rates as you will be around more often to address problems immediately.
Be sure to speak with a qualified insurance broker such as us at Lane’s and let us know how your needs and circumstances have changed with your retirement. We are able to compare a number of policies from Canada’s top providers to ensure you are receiving the best coverage you possibly can.
New job
Changing positions can often mean the loss of a life insurance policy. If you were covered at your old job, but will not be through your new employer, you can fill the gap with a personal life insurance policy. Life insurance is extremely flexible, with numerous options that are designed to fit specific needs, and can be provided for a specified length of time (term) or for a lifetime (permanent).
Also revisit your auto insurance with a qualified insurance broker. Certain professions, such as teachers, members of the military, health-care professionals, scientists, emergency responders, and engineers, typically enjoy reduced auto insurance rates.
Marriage or divorce
There is always cause to celebrate a wedding, including the chance to save on your insurance. Insurance brokers can assist you in researching bundling your policies under the same provider to receive an insurance discount.
In addition, some auto insurance companies consider those who are married to be lower risk as drivers.
After a divorce, revisit the beneficiaries named on your life insurance policy. In some cases, you may need the consent of your former partner to remove them from your policy. Ensure to remove your former partner from your auto insurance policies as well.
Home renovations
If you’re undertaking extensive renovations or building a new home, take the time to talk to an insurance broker. Chances are you’ve hired a contractor, and in cases where major work is being done, you may need to purchase a specialized type of insurance product known as a course of construction policy. This will protect you from fire, vandalism, theft, and lightning while work is being done.
You will also need to notify your home insurance provider if your home will be vacant for any period of time during the renovation project. Your house may technically be considered unoccupied, which will nullify its coverage. During renovations, take steps to ensure your coverage continues without interruption.
Home renovations are an investment in the value of your property, and your home insurance company should definitely know when improvements are complete. In fact, many insurance companies make it a requirement that all renovations be properly reported. Your renovation contractor should provide very detailed records of everything from the cost of labour to the materials used. This will assist in calculating the appropriate replacement costs for your home. In addition, you may also qualify for a home insurance discount if you have made improvements such as adding a new roof or a security system.
You may also want to consider hiring a professional property appraisal company, which provides an objective opinion of the value of your home and property. Appraisers are also realtors who can access real estate and sales data and other information. Be sure to look for those who are members of the Appraisal Institute of Canada (AIC) and who follow the AIC Canadian Uniform Standards of Professional Appraisal Practice and a Code of Ethics.
Major purchase of valuables
Home insurance policies contain special limits for valuables like artwork, cash, jewelry, collectibles, sports equipment, and high-end electronics. Special limits vary by policy and provider, but often cover far less than the value of the items in your home. For example, the special limit for jewelry is typically quite low, at around $5,000 for all of the jewelry in the home, combined. Since collections are frequently worth significantly more than $5,000 and change frequently, this part of your policy should be revisited often.
Contact us at Lane’s for more access to insurance discounts
Throughout all of life’s highs and lows, the experienced insurance brokers at Lane’s are here working for you. We know the right questions to ask at the right time to provide you with comfort in knowing you are getting the very best coverage at the very best value. Contact us at our Calgary, Edmonton, Banff or Alberta offices.
