In our province, it is typical that a policy term will last for one year, so generally speaking a person will meet with their broker or at least review their policy documents as that time of the year approaches. Here are a few things to be mindful of when renewing your policy:
Has anything changed with your personal situation?
Quite often in a year, there are things that change in our lives that could have an impact on an insurance policy. Whether a renovation, a new car, new toy, or a change in relationship status, these things can all affect the coverage and settlement processes of your policy. If you have experienced any significant life change in the last year, make sure to review that with your broker as it could affect your coverage
Did you have any claims?
Experiencing a claim in a policy term will typically affect your policy, the premium and could even result in changes to your coverage on your policy depending on what event occurred. Be careful to review your policy documents whenever you experience a claim to see if there have been any changed made to your policy or the coverage offered.
How do you want to pay?
Most (if not all) insurance companies offer different payment terms for their policies. Typically you can pay annually, monthly, and some offer a three payment option. Find out what option is right for you and ask your broker how to utilize these different options
Is coverage still needed?
If you sold a property, a vehicle or a toy, you might not need the coverage anymore, or you might need to update the coverage on your policy to reflect the deleted or changed item. If the item in question has been sold and the policy is no longer needed, talk to your broker about how to cancel the coverage to avoid paying unnecessary premiums.
Are you satisfied?
Finally one of the most important questions when your policy comes up for renewal is asking yourself if you are satisfied with your coverage, service and cost of your policy. If any of these are in question, having a conversation with your broker could set the next year on a different course. You might be able to find a better fit with your broker if you take the time to ask questions, find options and collaborate on solutions. If there is something bothering you about your broker, have a conversation with them! Your broker is there to help you with your insurance needs, however brokers are human too and there is a chance that there are things that have been misunderstood about what is important to you. Have the conversations, address the concerns, and see if common ground can be reached. Most of the breakdowns in relationship that we have is a result of poor communication.
As you look to renew your policy this year, take some time to consider some of the above items and make some notes so that a meaningful conversation can be had with your broker as you renew your coverage and assess your needs. Prairie Insurance is here to help with those concerns, and we strive to find solutions that work for you!