When it comes to home insurance, there are many factors that can impact your rate.
Typically, home insurance policies are only one-year contracts. This means at the end of each year, you will need to renew your policy. The renewal process is very seamless if no changes are needed. However, if anything has changed in regards to your housing, you will need to inform your insurance broker as it may impact insurance policy.
One thing to consider is when you first sign a new policy, it will reflect the specific needs you have at that point in your life. When the renewal package arrives a year later, you’ll need to consider the things in your life that may have changed in the past year that could affect your insurance needs.
If you’re unsure of what changes are worth reporting, we have you covered. We’ve compiled a list of six changes you should report to your Haas Insurance Broker.
We encourage you to reach out to your broker if:
You’ve renovated your home, or plan to renovate
When you purchase a new home insurance policy, your broker bases your coverage on a complete and thorough assessment of your home. Every detail of your home — which includes the square footage, the type and condition of the roof, the number of bathrooms, the style of plumbing, heat and electrical — will impact how much it would cost to rebuild it if you ever experience a total loss. Typically, renovations will add value to your home. Therefore, it’s important that you update your policy so that you remain fully covered.
You got married or divorced
A major relationship change, such as a marriage or divorce, will often alter the dynamic of a household. This can cause an update to your insurance. Usually, this involves the transition from tenant insurance into a home policy, and adding or removing someone on an existing policy. It’s important that you notify your broker if you experience a change in relationship. Your broker will make sure there are no gaps in your coverage for either person.
Someone moves into or out of your home
The number of people who live in your household is an important factor to consider when creating your policy. Generally, if anyone moves into or out of your home, it’s a good idea to let your broker know so everyone’s needs are covered.
There are also specific factors to consider if you have tenants or offer short-term rentals in your home. You will also need to notify your broker of this.
You’ve acquired new valuables
Did you purchase or receive new valuables such as fine jewellery, valuable art, or custom furniture?
The purpose of calculating the value of your belongings is so that it can be replaced if it were to be lost or damaged by an insured event. If you make a big-ticket purchase after your policy was initially created, you will need to reach out to your broker to see if you need to re-evaluate your coverage.
You start operating a home business
Starting an in-home business will undoubtedly impact your insurance policy.
While a home insurance policy may cover some aspects of a home-based business, the overall coverage needs will be quite different. In fact, unreported business activity could invalidate certain elements of your home insurance. To avoid the risk of operating a home-based business without appropriate coverage, call your broker.
You’ve replaced or upgraded your plumbing, heating or electrical systems
Much of your home insurance coverage is based on the systems that were in your home at the time the policy was created. If you’ve replaced or upgraded them, a broker will need to update your policy. Often, upgrades to these core systems could result in lower premiums that will save you money.
Yes, life changes are often exciting, and we recognize that insurance may be the last thing on your mind during times of transition. However, please remember your broker is always there to ensure your coverage is appropriate for your many stages in life. Contact your Haas Insurance Broker today — or anytime — if any of your life changes fall within the categories listed above.