It's time for your annual insurance review

BrokerLink Insurance offers CREB^® members exclusive discounts on home and auto insurance. Through this group insurance program, CREB^® members benefit from comprehensive coverage, superior customer service and customized insurance to fit their needs.

Many individuals will receive their policy renewal documents in the mail before their renewal date and file them away.

However, a lot could have changed in the last 12 months, and this is your opportunity to make any updates to your policy before it resets for another year. Always take the time to review your insurance policies before their renewal date.

Here are some reasons why:

You might not have adequate coverage

It is a good time to review your coverage limits and ensure your policies are up to date. Take note of your home's rebuild/replacement value—is it current? Did you start a home-based business that requires additional coverage? Are there any gaps in coverage?

You might be missing out on savings

Renewals are a good time to ensure you are not missing out on any discounts or programs that could be applied to your policy.

Insurance companies often introduce new programs or opportunities for savings throughout the year, so this is the time to explore if any apply to you.

If you are going to see an increase in your premium, ask your broker to shop your insurance with their other markets to ensure you are placed with the right provider. Also, check your deductible limits to ensure they still fit your needs.

Changes to your home or property

Your insurance policy needs to reflect any changes you have made in the past year.

Did you do any home renovations in 2023? These could include updating the bathrooms or kitchen, adding a garden shed, extending the deck, or installing a swimming pool—all these improvements need to be reflected in your policy.

Also, if you have replaced any big-ticket items, such as the furnace, hot water tank, or appliances, your policy needs to reflect these changes to ensure proper coverage.

Have you made a big purchase?

If you made a big purchase or inherited an expensive item within the last year, you may want to consider scheduling the item on your policy.

Scheduling a valuable item provides peace of mind, knowing that it is covered. It also means that these items are not limited to your home policy limits and will ensure full coverage.