Life changes. So should your insurance coverage...

We live under the protective umbrella of insurance every day. Once we’ve paid for our policy we’re protected, right? In most cases, the answer is yes; however, you may be surprised to learn that there are common activities that can void some important coverage in your homeowner’s policy without you even realizing it.

Fundamentally, it comes down to what insurance companies refer to as “material change to the risk.”  This means that when you buy a homeowner’s policy, and subsequently you do something to your home that represents a significant change to the level of risk that your home is exposed to—you need to inform your insurance company; otherwise you may void some types of coverage under your policy.

At Northern Savings Insurance Services Ltd. we encourage you to reach out to your broker at any time to discuss changes to your policy or questions you may have. This could include a new car, buying or selling a home, or even making a claim.

You might not realize though that major life changes, such as marriage, divorce, and losing a spouse call for revisions to your insurance policy, since these changes involve adding or removing individuals.

Additionally, moving, a new job, a new school, additional drivers, and even working after retirement might require you to amend your auto insurance policy. Significant life changes often require insurance policies to be adjusted to suit the needs of the new policyholder. We can help you navigate these situations and advise you of any important information you should be aware of.

With all of life’s unexpected events, it is important to stay adaptable. Adjusting your insurance policies is an important component. Contact us for further information and to discuss what insurance options fit your current situation best.