Policies are written for your circumstances on the day you buy. A year later, those may have changed. A short annual review can catch gaps and out-of-date details.
Good times to check
- Around renewal of any policy.
- After a major life event: marriage or separation, a new child, a move, a new job, retirement or the start of a business.
- After a big purchase or renovation.
A simple checklist
Personal details
- Are names, addresses and contact details right on every policy?
- Are listed drivers, vehicles and household members up to date?
Home or tenant policy
- Does the building limit reflect the cost to rebuild?
- Are renovations, a rental suite or a home business reported?
- Do you have sewer backup and overland water coverage, if you want them?
- Is your contents limit enough, and are valuables listed?
Auto
- Is the use of the vehicle described correctly (commuting, business, kilometres)?
- Are the liability limits still appropriate?
- Have you asked about discounts?
Life, disability and critical illness
- Is the beneficiary right?
- Have your dependants, debts or income changed?
- When does any term policy end, and what are your renewal or conversion options?
Work benefits
- What do you have through work, and what happens if you leave?
Business
- Do limits match revenue, staff and equipment?
- Are certificates for clients and landlords current?
Bring documents
Gather your declarations pages and any questions before speaking to your broker or agent. It makes the conversation faster.
Questions to ask
- What has changed since last year that I should report?
- Where are my biggest gaps?
- Are there discounts I'm not receiving?