Your insurance coverage is unique to you and policies are tailored to each person or item (i.e. your policy will be different than your neighbour’s, even if you drive the same car).

It is important to keep in mind that changes to your life, or your property, can affect the way your policy responds in the case of a loss. Even a minor change can mean the difference between a claim being covered or denied. When in doubt, it is best to inform your insurance broker so they can advise if it will have an affect on your insurance coverage in the future.

For your home and car insurance, here are some examples of things that could change that you’ll want to make sure to let your insurance broker know about:

• Your home address

• Your martial status

• Home renovations

 – Finished basement, kitchen reno, bathroom upgrades

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

• Adding an additional insured

 – Having a roommate or partner move in

• Renting out rooms or parts of your home

 – A student living in your basement, listing part or all of your home on Airbnb

• Upgrading or modifying your car

 – Exhaust systems, lift kits

• Changing or starting a new job

 – You may be eligible for Group Rate Discounts

 – Commute distance changing

• Starting a side hustle

 – Driving for a ridesharing app (eg. Uber, Lyft)

 – Delivering takeout food, groceries, or other items (eg. Uber Eats, Door Dash, SkipTheDishes, Instacart)

• Acquiring valuables

 – Jewelry, artwork, electronics

 – Beginning a new sport or hobby (eg. bicycles have a policy sub-limit)

• Installing a swimming pool or hot tub

This list is not all inclusive but represents some of the most common changes that can affect your insurance coverage. It’s important to keep your insurance broker informed of any significant changes in your life so that they can help you adjust your insurance policy accordingly.

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