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As a homeowner, it is important to be aware of the contractual obligations that you have in regards to your home insurance policy. Your policy was issued to cover your home, property, and contents as they were at the time it was first issued, so any significant changes need to be reported to your insurance broker. MBS Insurance Brokers Ltd. is here to help you understand your contractual obligations. Here are five of the most common changes that need to be reported:

  1. Home renovation
    A significant home renovation is likely to affect the overall value of your home. You must actually notify your insurance provider about a renovation before any work even begins, as it is crucial to have proper insurance to cover the increased risk that comes along with any sort of construction.
  2. A pool or spa addition
    Adding a pool or a spa may seem like a more minor renovation compared to larger interior changes such as a bathroom or kitchen renovation. However, it also changes how your home would be assessed and your insurance provider should be informed.
  3. Starting a home-based business
    Regular house insurance in Edmonton is not made to cover the risks of a home-based business such as a daycare. Operating a business out of your home comes with liability that requires additional types of coverage.
  4. Renting your property
    Likewise, renting out your property comes with unique risks that were not assessed or accounted for when you signed the application. You must advise your insurance provider that you intend to rent your residence as that is considered a material change in risk and different coverage is needed.
  5. A purchase of high monetary value
    Objects of high monetary value, such as expensive pieces of jewelry or original works of art, must be noted on your policy if you want to ensure that they are adequately covered. Property policies generally contain special limits of insurance on certain items like jewelry, watches, and furs. An appraisal is needed to schedule any items on your policy. By scheduling the item on your policy, it will be subject to a lower deductible and you will have already proved you own the item as you provided an appraisal when it comes to settling any claims.

What Happens If I Don’t Report These Changes?

If you don’t report these changes to the provider of your Edmonton house insurance policy, you risk not being properly covered after a loss. Your home and contents need to be insured for their full value at all times in case of serious damage or destruction that results in a total loss. An up-to-date insurance policy will also help expedite the claims settlement process.

Flexible Home Insurance in Edmonton for All Your Needs

At MBS Insurance Brokers Ltd., we know that life circumstances can bring with it changes. We provide flexible home insurance and condo insurance in Edmonton that is easy to update if you make changes to your property. One of our friendly insurance brokers will have you set up with just the right policy to protect all of your important assets against a variety of insured perils.

To speak to an experienced broker about home insurance in Edmonton, just contact MBS Insurance Brokers Ltd. today.

How an Insurance Broker Saves You Time and Money

Do you know the benefits of an insurance broker?

Suppose you’re looking for the best insurance coverage at the best rates in Edmonton. In that case, you’ll first want to understand the benefits of an insurance broker and how they can help protect you in all sorts of different situations – whether it be saving you money, time or giving you simple peace of mind.

What Are the Benefits of an Insurance Broker?

Here are some of the many benefits of an insurance broker.

 

1. Saves Time

An insurance broker does all the work for you, so you don’t have to spend your valuable time shopping around for insurance. Instead, you simply provide your broker with information about your needs, and they shop the markets on your behalf.

 

2. Saves Money

Insurance brokers work with many different partners to find the best deals on the insurance that works for you. They take all your needs into account and make recommendations that are in your best interest. They have relationships with many insurance partners and can negotiate competitive rates and discounts, saving you money in the long run.

3. Expert Knowledge and Advice

An insurance broker provides you with the support and expertise you need to find coverage that suits your needs. They work with various products and services to find the coverage that best suits you. In addition, they can draw from an extensive knowledge base and experience to advise you on the best options. 

Insurance Brokers provide expert and unbiased advice. A wealth of knowledge about coverage and market rates combined with expert risk assessment ensures your possessions and business are adequately protected. Whether you are looking into auto insurance rates, tenant insurance, or home insurance rates, your insurance broker can help you every step of the way.

You can utilize their expertise to quickly identify your options and rely on their unbiased advice to help you make the best-informed decision for your situation.

 

4. Working For Your Best Interests

Since insurance brokers do not work with one particular company, they have nothing to gain from recommending a specific product. The insurance company also pays them a standard commission. Thus, there is no financial incentive to choose one insurer over another.

Insurance brokers have your best interests in mind. You can count on them to find you the best rate possible, which can give you the peace of mind you need. You can rest assured knowing that if you ever need to file a claim, one of our brokers will be there by your side to guide you every step of the way. They act as an advisor on insurance-related matters. They will shop the market for the best coverage and rates for you. Since fulfilling your needs is their only priority, they will provide independent, unbiased advice on the right coverage for your situation.

5. Privileged access and rates

Insurance Brokers have access to a wide selection of the best insurance companies in the country. These insurance companies are only accessible by Insurance Brokers. They do not deal with the public directly or with Direct Writers. Brokers enjoy long-standing relationships with these insurance companies. Still, they do not have an affiliation with any specific insurer, enabling brokers to provide you with a broader range of options at competitive rates.

 

6. Transparency

Insurance brokers must give full disclosure about their compensation and its effect on your insurance premium.  They are also required to declare any financial links with specific companies that may be a conflict of interest, enabling you to make the best-informed decision.

 

7. Risk and Advocacy Experience

Extensive experience dealing with different clients and claim situations equips insurance brokers with a broader perspective on how to reduce your risk. Also, in the event of a claim, you can count on your broker to act as your advocate with the insurance company and handle your claim fairly and promptly.

Speak to MBS Insurance in Edmonton about your Coverage

Reach out to MBS Insurance today to determine your home, auto, and commercial coverage options. Over the past 45 years, our experienced team of insurance brokers in Edmonton has earned the trust and loyalty of our clients by delivering superior products and services. We understand your needs and provide you with the best protection and rates.

There are many benefits of an insurance broker. We can help you understand the intricacies of your insurance plan while saving you money at the same time. We are a trusted insurance provider in Edmonton and provide personal and commercial insurance policies to people living in Alberta. We offer the best rates on recreational, auto, property, commercial, and group insurance policies. 

Contact us online for a free quote or by phone at 780-436-7880.

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This article was originally published on October 7, 2016, and updated for 2021.