Keeping Up with Change | Farrell Agencies

Keeping Up with Change

Posted by Farrell Agencies on April 3, 2018

Make sure to update your insurance coverage whenever you make changes to your dwelling or belongings.

One of the advantages of owning your own home is that you can remodel and upgrade your dwelling to suit your own particular needs and tastes. However, you should keep in mind that some of the changes you make to your dwelling may affect your insurance coverage and premiums. That’s why it’s important to review your insurance needs regularly with your insurance broker.

With this in mind, please take a few moments to complete the following checklist. If you check one or more boxes, we suggest you contact your  broker to discuss whether you have adequate coverage.

What’s new at your dwelling(s)?

Have you made any renovations or additions?

Have you made any upgrades to the roofing, plumbing, heating or electrical systems?

Have you had a four-inch automatic backwater valve professionally installed in the main sewer drain of the dwelling?

Have you installed additional heating sources?

Have you installed a swimming pool, hot tub or sauna?

Have you had your dwelling recently appraised for replacement value?

Have you acquired additional dwellings or a seasonal dwelling?

Have you installed a security alarm system? A 24-hour monitored alarm system may make you eligible for a premium discount.

Do you require voluntary fire protection coverage?

Have you installed an electronic water shut-off system?

Is your home and/or seasonal home rented to others? Do you rent a suite or room in your home or rent the entire dwelling to others?

What’s new in your family? 

Have you moved without notifying your broker?

Have you recently transferred ownership of your property to a family member or do you have more than two families living in your home?

Do you have dependents living away from home attending college, university, technical school or other post-secondary institution?

Do you operate a business from your dwelling?

Do you or a family member operate a daycare?

Do you live on an acreage or rent out farm land? If so, have you acquired buildings, machinery or livestock?


Once you have completed the above checklist, see your broker for a complete review and update of your insurance needs.

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