Planning to simply let your insurance coverage roll over for another year? Many people are – and many of these people are also missing out on potential insurance savings and possibly have insurance coverage that is falling short of meeting their coverage needs.

Now is a great time of the year to review your home, auto and commercial policies. Regardless of the policy you want to review before renewing, there are three important questions that you should ask yourself:

1.     What’s changed since I last reviewed my policy?

A lot can change in a year at home, with your car, and in your business.
At home, did you do a renovation on your home? Add new security features? Purchase new high ticket items? Did you get a new car? Add a new driver to your policy? Change how you use your vehicle?

From a business perspective, did you experience a lot of growth? Do you have insurance needs or concerns? Did your business change in a significant way?

Make note of anything that changed over the past year, or since your last insurance renewal, that you think could have an impact on your insurance rates.

2.     Does my current coverage meet my insurance needs?

Having a gap in coverage is common. Many people go years without reviewing their insurance policy. When they finally get around to taking a look, they realize that they have gaps in their coverage. This can happen for many reasons – things change, new policies are introduced, or because it’s been so long, you incorrectly assume you have coverage when in fact you do not.

Remember, that you could also have too much insurance coverage, and you could be paying for policy elements that you don’t need.

3.     Do I qualify for any insurance discounts?

Saving money is the main reason people review their insurance policies. Who doesn’t want to save money, right? As time passes, you could qualify for insurance discounts, but if you don’t review your policy annually, you could be leaving money on the table and be paying more for insurance coverage than you need to.

Work with an Insurance Broker to Review Your Policy

Many people find insurance confusing. There are so many terms and conditions to try to understand that it can be difficult to determine what your coverage means, let alone knowing if you have enough for your home, car, or business. This is why working with an insurance broker in Toronto is a great option to consider.

Home, auto, and business insurance brokers work for you and are on your side. They work with you to help you understand your insurance coverage options and can shop around to help you find the best insurance rates and coverage for your specific situation.

Are You Ready to Review Your Insurance Coverage Before Renewing?

I am a registered Toronto insurance broker that can help you with all your insurance needs – home, auto, business, and more. Contact me today to get a hassle free insurance quote in Toronto. I am here to guide you through the insurance policy renewal process.