When you’re planning a big life change, one of your first instincts should be to let your insurance broker know. A birth, death, marriage or common-law partnership, separation, divorce, first apartment, first home purchase, move… All these life goals and more will have an effect on your insurance. Sometimes even a positive one!
Here are a few examples of when it’s important to get in touch with your insurance broker.
Your child is moving into their first apartment
The time has come! Your young adult is about to leave the family nest and move to their first apartment. If they have a car—whether it’s in their own name or yours—a home address change for car insurance is needed. While you’re at it, it’s best to get tenant’s insurance in your child’s name (or strongly encourage them to sign up for this kind of insurance themselves).
Tenant’s insurance offers renters protection for their belongings, as well as in the event of an accident or damage. Even if an event occurs that’s not the renter’s fault (like water damage from a dripping appliance), the landlord’s home insurance company can still go after the tenant. Say your child is barbequing on their balcony and burns a part of the exterior building wall. The landlord’s insurance company will look to be reimbursed by the tenant responsible—which is something tenant’s insurance can protect against.
Not only does tenant’s insurance protect a renter’s belongings, it also offers protection in the event legal action is taken against a renter following an accident.
Although tenant’s insurance is not mandatory in Quebec, it is strongly recommended. Other countries, like France, oblige renters to sign up for home insurance for tenants, who must show proof of insurance when signing their lease. That’s how important this type of protection is.
You need to store your belongings
Sometimes life events require that you store your furniture or other belongings for a period of time. You need to let your insurance provider know. Whether your belongings are in a storage unit or your brother-in-law’s basement, home insurance limits how much your belongings can be protected. Even if you choose a reputable storage space for a short period of time, your broker can offer you specific insurance.
You have a temporary houseguest or new partner
Is your partner moving into your home? You need to let your insurance company know. They will be added to your home insurance and benefit from liability as well as content insurance.
Is a friend or family member living with you temporarily? You’ll also need to let your insurance broker know. Remember that your insurance changes will be minimal (insurance fees are based on microservices), but it can be a real headache to deal with any unexpected surprises.
You have decided to work for yourself
So you’ve decided to take the plunge and become your own boss! You must let your insurance company know of this important change.
Remember your car insurance!
When you move, it’s important to get in touch with your car-insurance company. Part of your insurance premium is calculated based on where you live. For example, you will pay less if you live in a rural area as compared to an urban one. As well, the closer you live to your work and the fewer kilometres you travel, the more likely your premium will be lower.
When should you call your insurance broker?
It can take up to two weeks for your broker to gather all relevant information and find the right insurance for you. It’s best to get in touch before you move so you’ll be covered from the day you settle in. Remember it takes only a few moments to contact your insurance broker, and it’s the perfect opportunity to provide them with updated information for all your insurance needs—all to ensure you’re fully covered and save you money.
Special collaboration with Marie-Pier Péloquin, Damage Insurance broker at AccèsConseil.