Life happens fast and it can be easy to forget to report details about changes along the way. Today is a reminder to keep your insurance broker informed about life changes as they may affect your insurance policies and how coverage may respond in the event of a claim.

It’s important to keep your broker up to date with changes to your lifestyle, as these changes may be what’s known in the industry as “material changes”. These updates help ensure your insurance company is up-to-date, and your policy has the most recent and accurate information based on your unique circumstances.

Depending on the life change, you may also need to consider modifying your coverage to make sure it will respond when and how you need it to. Speaking to an insurance broker is the best way to ensure you’re informed about all of the coverage options available to you.

To help clarify what types of changes you should let your broker know about, here are a few of the most common things that need to be reported:
 

Car Insurance Changes to Tell Your Broker

✓ Changes to your Home Address

✓ Changes to your Marital Status

✓ Changing or starting a new job

• You may be eligible for Group Rate Discounts
• Commute distance changes

✓ Starting a Side Hustle

• Driving for a ridesharing app (e.g. Uber, Lyft)
• Delivering takeout food, groceries, or any other items (e.g. Uber Eats, Door Dash, SkipTheDishes, Instacart)

✓ Upgrading or modifying your vehicle

• Exhaust systems, lift kits
• Electronic system installation

✓ Adding an Additional Insured

• Having a roommate or partner move in
• People in the household reaching driving age and/or becoming newly licensed

IMPORTANT: With recent changes to Accident Benefits in Ontario, it’s more important than ever to keep your list of drivers up to date. Without listing them on the policy, they will not qualify for the optional accident benefits on your policy.

Since July 1, 2026, the individuals for the optional benefits only apply to:

• The named insured on the auto policy
• The spouse of the name insured on the auto policy
• Dependants of the named insured on the auto policy and of the named insured’s spouse
• Any persons specified in the auto policy as drivers of the insured vehicle

 

Home Insurance Changes to Tell Your Broker

✓ Changes to your Home Address

✓ Changes to your Marital Status

✓ Home Renovations

• Finished basement, kitchen renovation, bathroom upgrades
• Adding additional structures to your property (e.g. garage, shed, garden suite, etc.)
• Upgrading or replacing your roof

✓ Renting out a room or parts of your home

• E.g. A student living in your basement
• Listing part or all of your home on Airbnb, Vrbo, etc.

✓ Using your home as an office or running a business from your home

• Special consideration should be given if you are receiving clients/visitors to your home as part of your business

✓ Acquiring Valuables

• Jewelry, artwork, electronics
• Beginning a new sport or hobby (e.g.. bicycles have a policy sub-limit)

✓ Installing a Swimming Pool or Hot Tub

✓ Vacating Your Home for 30 days or more

• Your insurance company needs to know about your property being vacant

✓ Updating or replacing critical components of your home

• Roof, Plumbing, Wiring, Furnace, Hot Water Tank

 

Business Insurance Changes to Tell Your Broker

✓ Change in Address

• Whether it is just the mailing address that has changed, or you are moving into a new or additional location, your insurance company needs to know.

✓ Vacant Buildings

• If your tenant moves out and a new one doesn’t move in right away, or you move out of one location and it is unoccupied or vacant for a time, advise your broker. Your coverage can be affected if there is a loss and you haven’t advised that the property was vacant.

✓ Change in Operations

• If you add new products or services, let your broker know. If you expand your business and your revenue increases due to new customers or offerings, that can affect your insurance policy and rating.
• Also, if any products or services have been discontinued or phased out

✓ When You Sign New Contracts, whether with customers, landlords, etc.

• Send a copy to your broker before you sign, so it can be reviewed for the insurance implications. Do you have the limits of insurance in place, as well as the coverages, that you are contracted to have?

✓ Additional Insureds

• If you are required to add a party to your insurance policy as an additional insured, you will need to advise your broker so that a certificate can be provided, and your insurer is notified.

✓ Purchase of New Office Contents, Machinery, or Equipment

• Don’t forget to tell your insurance broker so that limits can be reviewed to ensure they are adequate

✓ Renovations to your building or leased space

• Be sure to let your broker know – they may need to get permission to renovate from your insurer, or put a course of construction policy in place, depending on the amount of work being done. As well, you want to ensure that building limits remain adequate (if you are adding an addition, for example). If you are renovating leased space, you will have to ensure that the cost of the improvements are insured, as your landlord will likely not be responsible for those improvements at the time of a loss, depending on your lease.

✓ Purchase of New Vehicles

• Give a heads up to your insurance broker, preferably before you take possession of the vehicle.

✓ Removing Vehicles or Equipment

• Don’t forget to let your broker know when you sell or scrap vehicles and equipment – this can save you money!

✓ New Drivers

• Advise your broker when you hire new drivers so that they can be added to your auto policy
• Also, if employees are frequently occupying company vehicles, but are not drivers, you may want to consider adding them to the drivers schedule anyways if you want to extend important Accident Benefits coverage to those individuals in the event of an accident

✓ Removing Drivers

• Same thing when drivers leave, don’t forget to let your broker know. This may also save you money on your premium!

 

Other Changes May Apply

While this list is not exhaustive, these represent some of the most common changes that can affect your insurance coverage.

It’s important to keep your insurance broker informed of significant changes in your life so that they can help you adjust your insurance policies accordingly.

Any questions? Please reach out to your Staebler Insurance Broker today.

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Staebler Insurance is a general insurance broker specializing in car insurance, home insurance, small business insurance, and commercial insurance. Staebler Insurance Brokers proudly serve Kitchener, Waterloo, Cambridge, Guelph, Stratford, Listowel, Fergus, Elora, Wellington County, Perth County, Waterloo Region, the Greater Toronto Area, Golden Horseshoe, Niagara Region, and all over beautiful Ontario, Canada. 🍁 Get a Quote to get started today.