A home insurance renewal can look like one more piece of paperwork to deal with. If the premium hasn’t changed much, it’s tempting to let the policy renew and move on. But your policy is based on details about your home, belongings and household. If any of those details have changed, your coverage may need to change too.
For homeowners in Barrie, Orillia and surrounding communities, a renewal is a useful reminder to take stock. You may have completed a renovation, made a major purchase, changed how part of the property is used or had someone move into or out of the household. When renewing home insurance, look beyond the new premium and confirm that the policy still reflects the home you have now.
Start With What Has Changed Around Your Home
Think back over the past year. Did you finish the basement, renovate the kitchen or replace the roof? Maybe you added a deck, shed, pool or hot tub. Even a project that doesn’t change the home’s footprint could affect its estimated rebuilding cost or introduce a new liability consideration.
Updates to plumbing, electrical wiring, heating and security systems are also worth reporting. Some improvements may change the risk, while others may qualify for savings depending on the insurer.
Don’t wait for renewal if a major project is still underway. The Insurance Bureau of Canada recommends contacting your insurance representative before renovating, installing a pool or spa, starting a home business or renting out part of the property.
Check the Estimated Cost to Rebuild Your Home
Your home’s market value and its rebuilding cost are two different things. Market value includes factors such as the neighbourhood and the land. The home replacement cost estimate focuses on what it could cost to reconstruct the building following an insured loss.
Labour, materials, demolition and the home’s design can all affect that estimate. Custom finishes and additions matter too. Review the property details shown on your documents, including the square footage, construction type and number of bathrooms. If something is inaccurate or outdated, tell your broker.
Update Your Home Inventory
Your belongings probably didn’t stay exactly the same over the past year. An updated home inventory can help you determine if your contents coverage remains appropriate and make documenting a future claim much easier.
Keep photos, receipts, serial numbers and appraisals somewhere you could access if your home were damaged. Pay particular attention to jewellery, artwork, collectibles and other valuable items. Policies may have specific limits for certain categories, so the total contents limit doesn’t necessarily apply to every individual item.
Consider Changes to Your Household and How the Home Is Used
Insurance isn’t based only on the physical building. How the property is occupied and used also matters.
Tell your broker if someone has moved in or out, a student is living away from home, or the property will be empty for an extended period. You should also discuss renting a room, operating a short term rental or starting a home based business. A standard home policy may provide limited or no coverage for some business property and activities.
These conversations help your broker determine if the current policy is still suitable or if another form of protection should be considered.
Review Water Damage and Severe Weather Coverage
Water coverage deserves a close look during an Ontario home insurance review. Sewer backup and overland water aren’t automatically included in every policy. They may be available as optional coverage, with their own limits and deductibles.
Ask what happens if water enters through a sewer or drain, a sump pump fails, or heavy rain accumulates on the ground and enters the house. These causes may be treated differently under the policy.
Homeowners with basements in Barrie and Orillia may also want to discuss sump pumps, backwater valves, leak sensors and automatic water shutoff devices. Tell your broker about protective equipment you’ve installed.
Revisit Liability Limits and Deductibles
Personal liability coverage can help if you’re legally responsible for injuring someone or damaging their property. A pool, hot tub, trampoline, rental unit or regular business visitors can alter your liability exposure.
Next, look at your deductible. A higher amount may reduce the premium, but it also increases what you would pay toward a covered claim. Pick an amount you could realistically afford. Check the limits for detached structures and additional living expenses as well.
Find Out Why the Premium Changed
A premium can change even when you haven’t made a claim or renovated. Rebuilding costs, regional claim patterns, insurer pricing, coverage limits and deductibles can all play a role.
Ask your broker to walk you through notable differences and available discounts. Combining home and auto policies or installing security and water protection devices may affect pricing. Eligibility varies by insurer.
Price matters, but it shouldn’t be the only comparison. A less expensive policy may have different limits, deductibles or exclusions. Understand those differences before choosing based on the premium alone.
Home Insurance Renewal Checklist
Before accepting the renewal, take a few minutes to:
- Compare the new documents with your current policy
- Report renovations, repairs and new property features
- Update your home inventory and valuable item appraisals
- Confirm the estimated rebuilding cost is based on accurate details
- Review water damage options and deductibles
- Check your contents, liability and additional living expense limits
- Report changes in occupants, rentals or business use
- Ask about premium changes and available discounts
Give Your Home Insurance More Than a Quick Look
Your home insurance renewal is a chance to make sure the policy has kept pace with your property and your life. A short review now can reveal outdated information, missing options or limits that deserve another look before you need to make a claim.
Will Marshall Insurance Brokers helps homeowners in Barrie, Orillia and surrounding Ontario communities review their coverage and understand their options. Contact WMIB to speak with a local broker about renewing your home insurance and finding coverage that fits your home.