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Major Life Changes and Your Insurance

Major Life Changes and Your Insurance
Home » Blog » Major Life Changes and Your Insurance

Life doesn’t stop after you obtain insurance coverage. Maybe you added that much-needed extra bathroom to your home or inherited your grandparents’ precious antiques. Perhaps your teenager is going off to college, or you’re starting a new business. You will likely need to adjust your coverage to align with your new circumstances.

At Wedgwood Insurance, we encourage our clients to contact us at any time to discuss policy changes or issues you may have. This might involve purchasing a new automobile, purchasing or selling a property, or filing a claim.

Call Us About These Life Changes

Getting Married or Divorced

Many insurance companies offer benefits like marriage discounts, multi-car discounts and bundled insurance policies. You may have wedding or engagement rings that are insured. If you’re going through a divorce, let your agent know. (Some divorce decrees specify insurance requirements.) You should adjust your policies, reflect name changes, and update your life insurance and all listed beneficiaries.

Buying, Renting or Moving to a New Residence

A new house or rental will need new coverage. It would be terrible to lose your home in a fire only to discover you’re not insured. Ensure the policy limits are high enough to cover the cost of rebuilding your home (different from market value). Even if you don’t own a place, you and your belongings need protection. A renters insurance policy will cover your personal belongings and offer added liability coverage (if someone is injured on your property or sues you).


Purchasing a New Car

Call us with the make, model and vehicle identification number (VIN) if you buy a vehicle. Depending on your old and new car, your insurance rate may change significantly – up or down.


Becoming a Business Owner

No matter where your business is located or how big it is, you’ll need coverage to ensure everything is adequately protected. Take note of your business operations, even in a home business. You’ll need extra coverage if you use your car for business or store merchandise and supplies at home. Ask us if a business owner’s policy (a “BOP”) is right for you.


Doing Home Renovations

Major improvements to your home, such as adding a new room, remodelling your kitchen or enclosing a porch, can put you at risk of being underinsured. An increase in the value of the structure may require an increase to your home insurance coverage limits.


Having a New Teen Driver

When your teenager gets their driver’s license, they must be adequately insured. Getting insurance for them can be pricey, so make sure they attend all the necessary driver’s education classes. And be sure to let us know so you can take advantage of any discounts.


Acquiring Something Expensive

Anytime you inherit or buy something valuable, you should reevaluate the contents coverage portion of your home insurance policy. The policy limits may need to be higher. Compare the cost of increasing insurance on your valuables versus the cost of adding an umbrella policy to expand coverage ($1 million or more) over your home and auto.


Heading Off to College

If your college student is moving to on-campus or off-campus housing, you should review your insurance policies to ensure their possessions and vehicle are adequately covered.


Joining a Carpool

If you’re a regular carpool driver, your liability insurance should reflect the increased risk of additional passengers in the vehicle.


Installing a Security Alarm or Smart Home System

Security systems deter theft, and some smart home systems prevent catastrophic structural damage (like a whole house water shut-off system). Call us about insurance discounts for these systems, even if you’re only in the planning stages.


Switching Mortgage or Auto Lenders

Claims payments can get confusing if your old lender is still listed on your policy. Your insurance company may need to issue a check to you and your lender when there’s a claim. If the wrong lender is listed, it can delay claim processing or payments for premiums (leaving you temporarily uninsured).


Driving Less

Working from home, living closer to your office or joining a carpool will reduce your mileage. Auto insurance companies consider less mileage a risk reduction so that you might be rewarded with a cheaper rate.


Buying a Second Home

Whether a beachfront property or a mountain getaway, don’t skimp on the insurance — especially if your second home will be vacant for long periods. If you rent your second home, ask your agent about landlord insurance.


Travelling Internationally

If you plan to drive outside Canada, your current coverage may not protect you abroad. (For example, Mexico requires that all drivers have Mexico auto insurance. They don’t recognize Canadian auto insurance, and you can be fined or jailed and not covered in an accident.)


Having your Identity Stolen

If you’ve been the victim of this kind of crime, you may want to invest in identity theft or cyber liability coverage to protect yourself and your family in the future.



You might be able to get a discount on your home insurance when you retire. In addition, if you commute regularly to your job, your annual mileage may drop significantly. 

Remember to keep us in the loop as you make life changes. We’ll help you offset your financial liability and protect what’s important to you!

About Wedgwood Insurance

Wedgwood Insurance has offices in St. John’s & Corner Brook and is Newfoundland & Labrador’s largest independent insurance broker. We provide straightforward home, auto & business insurance advice. 

With over 245 Google My Business reviews, experience the Wedgwood difference with expert advice from our dedicated team. We ensure that every client has the coverage that best suits their needs through upfront complimentary consultations and midterm reviews.

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