The weeks following the Christmas season are ideal for people to review their home or tenant insurance.
© Justin Crann
David Reidy, president and CEO of Henderson Insurance, spoke to the Times-Herald about the importance of an insurance policy review following the holiday season.
"Any time there are significant renovations (to the home) or acquisitions of property, regardless of whether it's auto, or jewellery, or a home theatre system, that's always a good time to talk to your insurance broker," David Reidy, president and CEO of Henderson Insurance, told the Moose Jaw Times-Herald.
According to Reidy, many people tend to purchase insurance and then forget about what it covers, only opting to renew instead of review the policy.
"People purchase their insurance because they just bought their home or just rented their apartment and they knew they needed it," he explained.
"Then they go through the renewal process, and they do that either through the mail or online. They don't go in and see their insurance broker to update what's there."
Failing to update the policy can be a critical error, because "everybody's life changes, and their insurance policy needs to reflect those changes."
The problem is that people don't often take the time to consider the value of everything they own.
"I think a lot of people sit back and look, and — especially younger — people tend to think, 'I don't have very much stuff,'" said Reidy. "If you take the time to actually look back, add everything up and think, 'If this all left at the same time, what would it cost to replace it?' it's very significant."
And because individual insurance policies can vary considerably, he noted, it's best to sit down with a broker to work things out.
That's because, as Reidy said, brokers "think about the bad things that can happen to you all the time."
"Generally, people don't want to think about them. But fires happen, thefts happen, and water damage happens — increasingly, it would seem," said Reidy. "It can happen to you. Over the course of time, it likely will happen to you. And to have that protection in place is very important."