Many people have the misconception that insurance is a necessary burden, and the less they talk to their insurance broker the better, but that couldn’t be further from the truth. While it is true that, in some cases, your home and auto insurance may be a requirement set by the province or a financial institution, talking with a knowledgeable insurance broker will greatly improve your satisfaction in finding the ideal coverage for the best value.
Let’s review some of the key points you should keep in mind when talking insurance.
Not all insurance policies are the same. If you are comparison shopping, make sure that you are comparing identical types of insurance. Policy features and coverage options can be very different from one insurance provider to another.
An experienced broker can help you identify your unique set of needs and risks. They also have the resources to search for the right kind of policy and assist you in fully understanding the coverage and your responsibilities.
Your responsibilities? Yes; even though you may be happy with your coverage and the price, you still need to, and should, have regular communications with your broker.
Why? Because your life is not static; things change, and depending on the change, it may affect your coverage. Perhaps you’ve done some home renovations that have increased your home’s value, started a home business, or you are renting out a room in your home – these are all good topics to discuss with your insurance broker. Some changes may affect your ability to make a claim and it’s better to find out before an unexpected event happens.
All the exemptions and requirement clauses can be found in the pages of your policy, but a quick chat with your broker can make things easier for you, and help your broker stay up-to-date with your needs.
Keeping the lines of communication open with your broker will also help you meet some of your policy obligations. Taking a vacation? Your policy may require you to have someone regularly check your home in case of damage. Hosting a large party or wedding on your property? You may want to temporarily increase your liability coverage. Travelling by car to the United States? It’s best to inform your broker.
When deciding whether or not you should talk with your insurance broker about something, keep in mind that your broker works for you and all they want to do is make sure you are protected. So to answer the first question we asked; tell your broker everything and be certain that you’re protected.