May 23, 2018

There is so many different types of insurance out there.  Do you know if you have the proper insurance or enough insurance for your home, auto, business or cottage?  Here are some useful Insurance tips to make sure you are sufficiently covered and not overpaying.

    1. If you have any questions about your current insurance, talk to your insurance broker to clarify and have your questions answered.
    2. Understand your insurance needs and wants, to assess the level of coverage that you need.  You want to make sure you don’t have overlapping coverage and thus paying too much.
    3. Industry changes and coverages available change too.  For example, overland water insurance and cyber insurances have changed recently, evolving to cover different items.
    4. Review your insurance policy with your broker yearly at renewal.  Situations change and you should talk to you broker to assess the level of coverage that you would need.  There are many types of discounts for different situations.  Here are a few examples:
      • When you have paid off your mortgage – Mortgage Free discount
      • Age discount – Maturity or Retirement.
      • Empty Nesters – When your young driver has moved out of the home. there is less risks.
      • When you have not had any claims for a certain number of years – No claims discount.
      • If you are accident free for 9 years – Accident free discount.

      Financial Services, Commission of Ontario has a list of possible discounts that may be applicable to you.

    5. Pay your insurance upfront in one lump sum payment where possible.  You will avoid service fees and sometimes insurance companies will give you a discount for upfront payment.
    6. Add security features or preventative measures to reduce the risks.  This would include burglar or fire alarm systems or a sump pump alarm.

When it is time to renew your policy, talk to your insurance broker.  They will be able to answer any questions you may have, give you some insurance tips and figure out what other discounts that you can take advantage of.  Call us here at Rice Inc. today.