The top 5 things to consider when renewing your home insurance policy

Most people tend to disregard their snail mail these days and their home insurance renewal packages are usually of no exception. In reality, these packages should be reviewed to ensure you are getting the most of what you’re paying for with your insurance. So consider these 5 things when you receive your next home renewal notice before filing it away.

What steps should I take before renewing my home insurance?

1. Don’t miss out on discounts!: New roof? Recently paid off the mortgage? New home security system? Installed a water sensor? Increase in credit score? These are just some examples of improvements that could qualify for discounts and sometimes, significant changes to your home insurance premium. Be sure to ask your broker about all of the discounts available to you.

2. Changes to contents: Have you purchased anything of high value this year like art or jewellery? Has any of your contents appreciated or depreciated significantly this year? These items may require additional protection through high-value contents insurance or specialized policies, depending on their value.

Anything of value over $10k should be scheduled individually to guarantee full replacement value if it is lost or stolen.

• • Valuable collectibles such as paintings or sculptures may require specialized coverage like fine art insurance to ensure they are properly protected.
  • Engagement rings and luxury watches may need separate protection through jewelry insurance.

 Review the limits outlined in your policy and reach out to your broker if you need to add additional coverage for that recently acquired Picasso or diamond earrings.

Pro Tip: Homeowners with multiple high-value assets may also benefit from broader protection through high-net-worth insurance policies designed for luxury homes and valuables.

Read More:

• • Engagement Ring Insurance: How to Insure an Engagement Ring Easily
  • Luxury Watch Insurance Tips in Canada | Ultimate Owner’s Guide

3. An umbrella policy: Is a good idea. Most insurance companies will offer you (sometimes automatically) the option to extend your liability insurance with an umbrella policy. When you bundle home and auto you can purchase excess liability that will extend to either policy in the event of a claim.

Courts today tend to award damages that far exceed the $1 million liability limit on most insurance policies. An umbrella policy, which adds (over and above your existing limits) liability amounts in increments of $1 million up to $5 million to your two policies, could mean the difference between breathing easy and bankruptcy.

4. Planning a renovation?: You may have already talked to your broker about recent renovations you’ve completed in your home or have taken out a Builder’s Risk policy. But if you haven’t, be sure to do so before you renew.

Your renovations may have changed the value of your home, which may require adjusting your high-value home insurance coverage, or you could be eligible for new discounts.

5. Revisit your liability limit: Have you made any changes to your home that may cause higher chances of someone being injured on your property? Maybe a new pool was installed or a patio step has become loose. It is always a good idea to revisit your liability limit or discuss any changes you may think are relevant with your broker at renewal time.

Because of the minimal cost difference we have seen more and more liability limits in the $2 million and even $5 million range. Learn more about how liability coverage works and talk to your broker to explore your options.

Get a licensed Broker to annually review your policy to ensure that your personal needs are always properly risk managed.

How Can I Bundle Coverage When Renewing Home Insurance?

When renewing home insurance, it’s important to try to save money, as premiums keep increasing every year, anyway. An overlooked way to cut costs is by bundling home insurance coverage with another personal insurance policy, like auto insurance, condo insurance, or umbrella insurance, for example.

• To bundle coverage when renewing home insurance, you need to do it before the renewal date to avoid cancellation fees.
• Contact your St. Andrews broker to shop around for coverage bundles from different insurers to make sure you get the best deal.
• Always remember to ask for the multi-policy discount to make sure it’s included in your new home insurance policy documents.
• Work with agents to align the start date of your new bundled policy with your current policy’s expiration date to avoid gaps in coverage.
• Lastly, if you have a mortgage, it’s crucial to send the new policy declarations page to your lender to ensure they are updated.

Bundling coverage has many benefits, like avoiding cancellation fees at renewal, simplifying insurance management, and getting a lower premium.

Need to bundle your home insurance with another policy? Speak with a St. Andrews insurance broker to get all the information you need.

Explore High Value Home Insurance Options in Ontario

If you own a luxury home or high-value property, reviewing the right coverage is essential to protect your investment. Our team provides specialized solutions, including:

• High-value insurance in Oakville
• High-value home insurance in Ontario
• High-value home insurance in Toronto
• and High-value home insurance in Vaughan

These policies are designed for homeowners who require higher coverage limits, protection for valuable possessions, and tailored endorsements for luxury properties.