As the seasons change, it’s a great time to review your insurance coverage. Life moves fast; your job changes, you buy a new car, or maybe you’ve added a new member to the family. An annual insurance review with your broker helps ensure your coverage keeps up with your life. But what should you ask?

Why Schedule an Annual Review?

A quick check-in with your insurance broker gives you peace of mind. It helps ensure you’re not underinsured or overpaying. Insurance isn’t one-size-fits-all, and your needs might look different than they did a year ago.

Key Questions to Ask:

1. Do I Have Enough Coverage?

Start by asking if your current policy limits still meet your needs. For example, if you’ve renovated your home or bought expensive equipment for your business, your current policy might not be enough.

2. What’s Changed in the Market or Industry?

Rates and policies change over time. Ask your broker about any industry trends or provincial regulation changes that could affect your coverage, especially in Ontario.

3. Can I Save Money by Bundling?

Bundling your home, auto, and even life insurance can often lead to discounts. Ask if you qualify for multi-policy savings.

4. What’s My Deductible – and Is It Still Right for Me?

You may want to increase or decrease your deductible depending on your financial situation. A higher deductible can lower premiums, but make sure it’s manageable in case of a claim.

5. Am I Covered for Seasonal Risks?

Whether it’s fall flooding, early snowfall, or storing summer toys like boats or RVs, your broker can help make sure you’re protected year-round.

Bonus Tip: Keep an Inventory

Keep a list or photos of your high-value items (like jewelry, tech, or tools). Your broker can help you confirm if they’re covered or if they need a separate rider.

Final Thoughts

Your broker is your advisor, not just your salesperson. Use this time to have an open, honest conversation. You may uncover savings or identify gaps you didn’t know existed.

Need to review your policy? Call ICD Insurance at 905-830-9000 or contact us here.

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.