A home is one of the biggest, if not the most significant, purchases that most people make in their lifetimes. The housing market is at an all-time high, which means that Canadians have to save carefully in order to purchase a property.
Once you’ve purchased a property, the last thing that you want is for it to get damaged or destroyed by a sudden, unforeseen event, like a house fire or tornado. This is why countless Canadians purchase a home insurance policy. A home insurance policy is a contract between a homeowner and an insurance company. If something happens to your home, your home insurance company may cover all or a portion of the related expenses.
However, there are a handful of times when you may need to make changes to your home insurance policy (we’ll touch on these reasons later on). This leads to the question — what is the best way to implement changes to a house policy?
Continue reading to learn more about making changes to your home insurance policy in Canada.
When do you need to implement changes to your home insurance policy in Canada?
Homeowners are required to update their home insurance policy when they make significant changes to their home that directly influence the material risk level of the home and property.
You should ask your insurance broker about making amendments to your home insurance policy if you make changes that you think can alter the risk level of your home.
A typical example of this is installing an in-ground pool. In-ground pools increase the risk of third-party property damage and injuries, so they can negatively impact the risk level of your home. If you are planning on installing a pool on your property, or have recently installed a pool, be sure to contact your insurance broker so they can make the appropriate changes to your policy.
Why should you implement changes to your home insurance policy when you modify your home?
Aside from affecting the risk level of your home, implementing changes to your policy can also help you maintain an accurate replacement value for your home. Replacement value is the amount of money required to replace covered losses with an item of equal value after an insured event damages your property (this is different from actual cash value).
If you don’t update your home insurance policy after making a significant modification to your home, your home insurance provider won’t have an up-to-date replacement value for your home. So, if something happens to your home, the modified aspects of the property won’t be covered by your home insurance.
All things considered, if you want to ensure that your home is financially protected, you need to make sure that you update your home insurance policy after making a major modification to the property.
What is the best way to implement changes to a house policy in Canada?
The easiest way to implement changes to your home insurance policy is by contacting your insurance broker.
Insurance brokers are trained specialists with a vast knowledge of the Canadian insurance industry. Your insurance broker can answer your questions, give you recommendations and help you make all of the necessary changes to your home insurance policy.
Additionally, insurance brokers (unlike insurance agents) work with a wide variety of companies, not just one. Teaming up with a reputable brokerage makes it easier for homeowners to compare multiple quotes from some of Canada’s best home insurance companies.
Not to mention, some insurance brokerages, like Surex, can help you compare quotes online and over the phone! Whichever option suits you best.
Tips to consider when implementing changes to your home insurance policy
You should keep the following tips the next time you ask yourself, “what is the best way to implement changes to a house policy?”:
Tip #1 — Know the details of your property
Every home is different; some people live in sprawling country homes, while others reside in small city houses. If you’re thinking about making changes to your home insurance policy, you should familiarize yourself with the following aspects of your home:
- The year your home was built
- The type of foundation the structure was built on
- Age and condition of your roof
Your insurance broker can use this information to update the replacement cost of your home. Familiarizing yourself with this information beforehand makes the process easier for you and your insurance broker.
Tip #2 — Create an inventory of your personal belongings
Be sure to take stock of all of your valuable personal belongings before contacting your insurance broker. Providing your insurance broker with a thorough list of your belongings can help them recommend the right changes and streamlines any future home insurance claims that you make.
Please note that basic homeowners insurance policies do not cover all types of personal belongings.
Some items, like jewelry, aren’t included in home insurance policies unless the policyholder purchases additional coverage.
Tip #3 — Get your home appraised
Although your insurance broker can help you determine the replacement value of your property, you may want to consider hiring a professional appraiser to calculate the value and condition of your home.
Getting multiple opinions helps pinpoint the exact replacement value of your property.
Save up to 25% on home insurance when you shop with Surex
Our Surex insurance advisors (our preferred term for brokers) don’t just help you make changes to your policy. Our team can help you shop for high-quality insurance by providing quotes from some of Canada’s top-rated insurance companies.
Working with some of the top home insurance providers in Canada makes it easier for us to supply you high competitive quotes that suit your needs, preferences, and budget.
Contact us over the phone or online today to get started and to receive high-quality quotes in ten minutes or less! That’s less time than it takes to walk around the block!
While you’re chatting with your Surex insurance advisor, don’t forget to ask about how you can save as much as 25% when you partner with one of our reputable insurance carriers.
