As the snow melts and flowers begin to bloom, many homeowners embrace spring cleaning as a time to refresh their homes. But what about your insurance policies? Just like your home, your insurance coverage needs a thorough review to ensure it still meets your needs. Life changes, inflation, and new risks can leave you underinsured—or paying for coverage you no longer need. Here’s your step-by-step guide to tidying up your insurance policies this spring.
1. Home Insurance: Is Your Coverage Up to Date?
If you’ve made home improvements over the past year—such as a kitchen renovation, basement finishing, or a new deck—you may need to adjust your home insurance policy. Home upgrades can increase your home’s replacement cost, so your current coverage might not be enough.
Additionally, check if you have adequate protection against spring-related risks, such as flooding. Standard policies often don’t cover water damage from sewer backups or overland flooding, so you may need to add endorsements for extra protection.
What to do: Review your policy’s coverage limits, add any necessary endorsements, and ensure your home is fully protected.
2. Auto Insurance: Do You Have the Right Protection?
Spring often means more road trips and outdoor activities, making it a great time to review your auto insurance policy. If you’ve recently purchased a new vehicle, added a driver to your household, or moved to a new area, these changes may affect your premiums.
If you store a vehicle during winter, don’t forget to update your policy before taking it out for spring. You may also want to check if your policy includes rental car coverage, especially if you plan upcoming trips.
What to do: Assess your coverage needs, consider bundling policies for discounts, and ensure you’re not overpaying.
3. Life Insurance: Does It Still Meet Your Needs?
Major life changes—such as getting married, having a child, or paying off debts—can impact your life insurance needs. If your financial situation has changed, you might need to adjust your policy to protect your loved ones.
Spring is a great time to revisit your policy’s beneficiaries and confirm your coverage is still aligned with your long-term goals.
What to do: Update beneficiary information, increase coverage if necessary, and explore options that fit your current stage of life.
4. Business Insurance: Are You Covered for Growth?
If you own a business, take a moment to review your commercial insurance policy. Have you invested in new equipment? Hired additional employees? Expanded your services? These factors may require updates to your coverage.
Spring is also a great time to review liability insurance, cyber protection, and business interruption coverage to ensure you’re safeguarded against unexpected risks.
What to do: Check for gaps in your coverage and consult with an insurance broker to ensure your business is protected.
Time for an Insurance Refresh? Let Us Help!
Spring is a time for new beginnings—and that includes ensuring your insurance policies are up to date. A quick review now can save you from unexpected expenses later. Call ICD Insurance at 905-830-9000 to schedule your insurance check-up today!
Disclaimer:
At ICD Insurance, we aim to provide accurate, up-to-date information. However, insurance needs vary, and coverage depends on specific policies, locations, and providers. This content is for general information only and may not fully apply to your situation. Please contact your ICD Insurance broker to discuss your specific needs and coverage.