Is It Time to Update Your Home Insurance Policy? Here’s How to Know.

Your home isn’t just a building—it’s where memories are made, where milestones are celebrated, and where life unfolds. But as life changes, so do the needs that come with protecting your home. That’s where your home insurance policy steps in.

Keeping your insurance updated is vital, but how do you know when it’s time to make adjustments? Here are the most common scenarios when it’s worth reassessing your home insurance policy.

Your Policy’s Renewal Date Isn’t Just a Formality

Your renewal date is more than just a deadline; it’s an annual opportunity to reassess your coverage. When that date approaches, ask yourself:

• Has your home’s value increased due to renovations or rising market conditions?
• Have your insurance needs changed due to new circumstances, such as welcoming a new family member like a baby or an elderly parent, or making changes to your home such as building an extra room?
• Has your insurer introduced new features, discounts, or coverage options?

For instance, some companies now offer expanded coverage for things like water damage or wildfire protection, which could be more relevant than ever depending on where you live. A renewal review is your chance to make sure you’re not underinsured—or paying for coverage you no longer need.

New Faces in Your Household? Update Your Coverage

Life changes, and so do those who live under your roof. If someone new moves in—like an elderly parent, a roommate, or even a baby—it might be time to review your policy. Some policies cover possessions for all household members, so adding a new resident may require an adjustment.

On the flip side, if someone moves out, such as a child heading off to university and moving into their own place, you might be able to scale back your coverage.

And what about renters? If you decide to rent out part of your home, you’ll need additional coverage for rental-related risks. We also offer separate coverage for landlords to help protect you in these situations.

Starting a Side Hustle or Home-Based Business

More people than ever are working from home or running their own businesses. But did you know that most standard home insurance policies don’t cover business activities?

Let’s say you’re baking cakes, selling crafts online, or running a consulting firm from your spare room. Do you:

• Store business equipment and contents or inventory at home?
• Have customers or clients visiting your home?
• Use part of your home as a dedicated workspace?

If you answered yes to any of these, you’ll likely need additional coverage for things like liability, inventory loss, or damage to specialized equipment. Running a business is exciting, so make sure it doesn’t come with hidden risks.

Renovations, Remodels, and Home Upgrades

Renovations can breathe new life into your home, but they can also impact your insurance. Whether you’re adding a bathroom, finishing a basement, or updating your kitchen, these changes likely increase your home’s value and replacement cost. That’s a good thing—but only if your insurance reflects it.

Don’t stop at the interior. Outdoor improvements like a new deck, fence, or pool should also be included in your coverage. And if you’re installing expensive systems like solar panels or a backup generator, these should be added to your policy as well.

Pro tip: Even smaller projects, like installing built-in shelving or upgrading windows, can make a difference. Keep your broker informed about any updates.

Investing in Security and Safety Pays Off

Upgrades to your home’s safety and security don’t just give you peace of mind—they can also add value to your home. For example, installing a monitored alarm system might make you eligible for a discount on your insurance premium. It’s not just about savings, though. If you live in an area prone to natural disasters like flooding or wildfires, it’s worth reviewing your coverage for these risks. Standard policies often exclude certain disasters, but you can add specialized coverage to gain greater assurance.

Big Purchases? Don’t Forget to Insure Them

Your insurance policy likely doesn’t have coverage limits for high-value items. So, if you’ve recently purchased expensive jewelry, rare collectibles, or original artwork, you’ll want to ensure these items are fully insured.

Talk to your broker about adding coverage for specific valuables. It’s often a small cost for the confidence that comes with knowing your prized possessions are accounted for.

Unexpected Life Changes You Didn’t Plan For

Life can be unpredictable, and some changes might require a closer look at your policy. For example:

• Divorce or separation may mean splitting assets and reevaluating coverage needs.
• Receiving an inheritance, like a family heirloom or property, could affect your insurance.
• Changes in employment could alter how you use your home, such as working remotely full-time.

These moments can feel overwhelming, but reviewing your coverage can make the insurance side of things simple.

Bringing Home a New Pet? Let Your Broker Know

Did you know your property insurance might extend to cover liability for your pets? If your dog accidentally causes an injury like a bite—your policy could help with legal expenses.

That said, not all pets are automatically covered. Some breeds or exotic animals might be excluded, so it’s important to notify your broker when you adopt a new furry (or scaly) friend. A quick update ensures everyone in your home, including your pets, is properly protected.

Why Updating Your Policy Matters

Updating your home insurance policy isn’t just about compliance—it’s about covering the things that matter most. Life is full of changes, and your coverage should keep up. A policy that’s outdated or inaccurate can leave you vulnerable when the unexpected happens.

At Sandbox Mutual Insurance, we’re here to make the process easy. We offer comprehensive home insurance across Alberta, Saskatchewan, and Manitoba. Whether you’re looking for a new policy or updating your existing one, our team is ready to help you get the coverage you need.

Got Questions? We’ve Got Answers

Whether you’re renovating your home, starting a business, or simply reviewing your policy at renewal time, we can help you navigate the process. Find a trusted broker to guide you through every step, get a quote, and ensure your home and your peace of mind are well-covered.

Please note that the information in this article may not accurately reflect your insurance policy from Sandbox Mutual Insurance or another insurance company. Please refer to your policy or talk to your broker about your specific coverages.