Communication is the shortest distance between two people
Cheesy line? yup! Is it true though? Absolutely!
In the insurance industry, so much of what happens depends on the ability to effectively communicate needs, expectations and concerns. Whether its a claim that you are navigating or a policy item you are questioning, communication is at the core of understanding all of these things. Which brings me to the actual point of this blog- keeping your broker informed.
When you buy an insurance policy, it can be a big temptation to take the mindset of “set it and forget it” and think that you are covered for everything. Just as life changes, your policy will likely need to change with it. I have witnessed so many instances where people forget to add property to their policy simply because they didnt think to call their broker to notify them that something has changed. So with that, here is a short list of occasions that should prompt you to contact your broker to notify them of changes:
If you are spending $10,000 or more on a renovation, you should be contacting your broker to notify them of what changes you are making to your home so that coverage remains in force and your home is adequately insured. If you are installing a wood burning appliance, this is called a “material change” to the conditions of agreement on your insurance, and could jeopardize coverage.
Whether it is a ring, vehicle, tractor, recreational vehicle, camper, hobby or any other high ticket item, contacting your broker to ensure you have coverage is essential because all to often, these types of belongings require specific coverage
Lifestyle Changes or Moving
Whether you are spending more time in the south during the winter, or you are moving locations, it is important to know how these changes can implicate your insurance policy. Property insurance has requirements on occupancy, storage and care of homes and belongings and changing these things without notifying your insurance provider can also carry negative consequences.
Keeping your broker informed of changes is easy. Pick up the phone, send a text, write an email, or heck- send a fax! Contact your broker, tell them the changes and get informed on how it affects your insurance. A five minute conversation could save you thousands in a claim situation!