Important Home Changes Your Insurance Broker Needs to Know About
Your home is one of the most important parts of your life — and we understand how important it is to keep it protected. To ensure we’re able to provide you with the best coverage possible, it’s essential that you keep us informed whenever changes happen in your household.
Here are some important life events your insurance broker needs to know about:
You buy or sell a home
Your policy must reflect the value of your new home and the cost to rebuild it — not its current market value. Let your broker know as soon as possible so your coverage stays accurate.
You rent out your home or a room
Your homeowner’s policy is designed with the expectation that you, the owner, live in the home. Renting all or part of your property can change your risk level and may affect your coverage. Always check with your broker before listing your home or a room for rent.
You’re leaving your home unattended
Whether you’re away for a week, several months, or indefinitely, contact your broker. Vacant and unoccupied homes face higher risks, and being away from your home for 72 hours or more may require specific steps to keep your coverage valid.
You renovate your home
Renovations often increase the value of your home. Inform your broker so your policy accurately reflects the new rebuild value. Changes to heating systems, electrical, plumbing, or roofing may also affect your premium.
You inherit valuables or start a collection
Most homeowner policies include limited coverage for valuables like jewellery, art, or antiques. If you acquire new high-value items, review your policy to make sure you have enough coverage to protect the things that matter most.
Your child moves away for school
Even when they leave the nest, your child may still be covered under your homeowner’s policy. Tell your broker where they’ll be living so coverage can be extended to their dorm or off-campus residence.
You pay off your mortgage
Congratulations — your home is finally yours! When you pay off your mortgage, your lender should no longer be listed on your policy. You may also qualify for additional premium discounts. Let your broker know so your policy can be updated.
You retire
Enjoy this exciting new chapter! Be sure to give your broker a call—many insurers offer retiree discounts that could help you save on your home insurance.
If you have questions about your coverage or want to review your home insurance policy, our team at Miller Insurance Brokers is here to help. Contact us today.