Life keeps on changing on us and many of life’s changes might require some adjustments to our insurance coverage as well.

Here are some of the common reasons you might want to have a conversation with your insurance broker to review or adjust your coverage.

Life insurance changes

People buy life insurance for many reasons but some of life's changes tend to top the list of reasons to secure a life insurance policy or to make adjustments to the coverage you have in place. You may need to revisit your life insurance coverage or change your beneficiaries in any of the following situations:

  • Buying a home

  • Starting a business

  • Getting married (or divorced)

  • Starting a family

  • Taking out a loan

Auto insurance changes

How you use your vehicle or who uses your vehicle can affect your coverage and it's important that your broker knows how often your vehicle is used, how far you drive, and who to list on your policy. Reach out to your insurance broker if any of the following apply to you or have changed:

  • You're using your vehicle for business travel

  • You'll be traveling outside of your province or in the U.S.

  • Your car is in storage

  • You're using your car more frequently or less frequently

  • You’ve moved or changed jobs Your kids are using your car

  • A friend or significant other is using your car Your license has been suspended

Home insurance changes

For many of us, our house is the largest single investment we’ll ever make. You'll want to be sure your home insurance coverage is structured properly. Reach out to your insurance broker if any of the following apply:

  • You're renting out your house or part of your house

  • You've made major renovations, such as an addition or a finished basement

  • You’ve put in a swimming pool

  • Your house will be empty for a period of time

  • You've installed a security or safety system

  • You’ve installed a new roof or solar panels

  • You've acquired something valuable, like jewelry or artwork

If ever you have a question about coverage due to life’s many changes, just reach out to your broker to inquire. It’s better to be safe than sorry and your broker can help you identify any potential gaps in coverage as well as suggest the best strategy to be sure you're properly insured.

Have any questions? We can help.

Contact us—we can help you access and use your MyMills portal and app.
Tollfree: 800-953-0999   Phone: 416-489-5570    Email: contactus@millsinsurancebrokers.ca

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