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  • Chad Eliason

The Importance of Reviewing Your Home Insurance Policy

New year, new mindset! Many of us are preparing to start the new year off with a shift in our financial awareness, and this should include an evaluation of whether we are adequately covered. What better time than during your financial review to have a good look over your property insurance policy with your insurer to confirm the details are up-to-date and accurate.


Depending on your location and the company you’re insured with, you may be eligible to purchase additional coverage riders that protect you in the event of specific sudden losses. Additional riders tend to be optional and extend coverage to potentially expensive losses. Confirm whether your individual policy has the following included or excluded coverage riders;

- Sewer or drain water back-up

- Earthquake

- Identity Theft

- Personal Property Rider

- Increased Liability Coverage

- Coverage for your condo corporation’s common spaces


In addition to the above riders, you may also invest in a scheduled personal property rider that increases coverage for certain listed valuables. This type of rider helps protect your valuables against additional risks that a standard homeowner’s policies does not cover, such as loss or misplacement of an item. Review your recent life milestones that may prompt an increase in your scheduled coverage;

- new jewelry from gifts, engagements, weddings.

- acquired antiques, artwork or heirlooms.

- a purchase of cameras or other technology.

- start-up or growth of a business that’s based in the home.


Ensure you document any upgrades and renovations you’ve made to your property too; replacement costs need to be reviewed after any substantial change. Your insurance professional will guide you through a detailed replacement cost analysis that takes into consideration;


- The age of your home, it’s exterior building material and it’s postal code location.

- The finished square footage of your property – advise your insurer if you’ve recently finished your basement or created rental space within your home.

- The style and use of your home; solely residential use, property includes a tenant suite, business is conducted from the home.

- Recent kitchen upgrades or bathroom space renovations

- The age of your windows, furnace, roof, water tank, etc.

- The number of people that reside in your home, and the value of their personal belongings.


Many companies offer discounts on policies to reward long-standing customers and those without claims. Ensure you’re maximizing your savings in 2022 with these potential discounts;

- Claims Free

- Anti-Theft and Security Program

- New Home

- Good Credit

- Mortgage Free

- Multiple Lines

- Mature/Retired Customer

- Proximity to Fire Department


Each property is unique and requires its own tailored coverage. When it comes to insuring your property, avoid cutting corners or coverages that could cost you largely in the long-run. To complete your fire and casualty insurance review, call your home insurance professional and review your unique property coverage together.

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