Have a good relationship with your home insurance rep? If not, it may be time to build one
CBC
Do you know if your home insurance premium is going up this year? How about your deductible?
If you answered "no" to either of those questions, it may be time to have a closer look at your policy — and reacquaint yourself with your insurance agent.
"It's a good idea to really engage in what's being communicated … and ask some really important questions, because our homes are the biggest investment that most of us will make in our lifetime," said Amanda Dean, the Insurance Bureau of Canada's Atlantic vice president.
"Ask your insurance representative … have the limits changed on certain coverages? Are there additional coverages that are available?"
Homeowners have more insurance policy options than ever before, especially given the rise in extreme weather events affecting Atlantic Canada.
But insurance companies are also dealing with an increased number of claims, and the inflationary costs that make covering them more pricey.
That all means you might end up paying more for your policy.
Dean told Island Morning's Laura Chapin that it's more important than ever for homeowners to be proactive about their coverage and engage with their insurance company representative.
After Fiona struck Atlantic Canada as a post-tropical storm in September 2022, insurers covered around $800 million in damage claims across the four provinces.
Most insurance companies have now added policy options for overland flood coverage to insure Canadians against home damage caused by that type of climate event.
"On the Island, there's not a lot of flooding due to rivers overflowing, like there is in other parts of the country," said Dean. However, there is pooling of water after heavy rain events. We've seen that a couple of times now in downtown Charlottetown in recent history."
Of course, the option to add these additional coverages could come with additional costs to you on the front end.
Chapin mentioned to Dean that one of her CBC P.E.I. colleagues had noticed their deductible — the amount clients are responsible for paying when making an insurance claim — had nearly doubled when that person's policy was renewed.
That's exactly why it's important to check your policy against what you were paying the year before, Dean said, and to have a dialogue about the costs with your insurance rep.
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