A New Year is Approaching – Does Your Insurance Still Work for You?

A new year is beginning, and now is the perfect time to take a look at your insurance policies. After all, it’s “New Year, new me” time, and we know you want to get off on the right foot. Evaluating your insurance and asking the right questions before the year is in full swing can determine whether your current policies still meet your needs or whether you need some updated insurance solutions for 2024.With only about a quarter of car insurance policy holders reportedly shopping for new and better policies at least once a year, it’s easy for customers to opt-in for continued bad service and rising rates. In fact, that’s what many unscrupulous insurance providers are counting on—so it’s best to do your research. Whether you’re only handling car insurance or a full range of home, car, life, business insurance, etc., Acumen can help you understand how to get the best return and coverage for your monthly policy payments.

There are a few clues to look out for that will let you know it might be time to look for a new policyIf any of the following points applies to you, you may need to let go of your existing plan and renegotiate for something more suitable.

  • Your premiums have gone up
  • You’ve bought a new car or house
  • Your credit score has changed significantly
  • You can’t afford to keep making the same payments
  • Other companies are offering the same for less
  • It’s impossible to get an agent on the phone
  • Your insurer keeps making mistakes

How to Tell if your Current Insurance is Working for You

If you can afford your insurance payments without sacrificing anything important from your budget, that’s a very good start. Another good sign is being able to understand your policies and being confident that you’re properly covered in the event of a claim. If the contract is too confusing to wrap your head around, then you can never be sure if you’re getting what you need from your payments. If you are confused by an insurance policy, call the provider, or make an appointment to meet in person and go over the details again. If that conversation doesn’t go well? Seriously consider moving on. Though you may be able to find a better policy through the same provider, don’t feel obligated to stay if the experience has been sub-par. There are better insurers out there—believe us, we know.

Evaluate whether your insurance is truly working for you by considering key factors such as coverage adequacy, premium affordability, and overall satisfaction with your insurance provider. Insurance should be more than just a financial obligation; it should provide a sense of security and peace of mind. Assess the extent to which your policy aligns with your current needs and circumstances. If you find gaps in coverage or feel that your premiums are no longer reasonable, it may be time to explore alternative options. Regularly reassessing your insurance ensures that it continues to meet your expectations and effectively safeguards against unforeseen risks.

Put simply, your insurance is working for you if you understand the contract, it covers what you need, and you can afford the payments. If it’s time to find a new policy, talk to our professional advisors. We’re committed to finding the right policy for the right person, every time.

Does Your Current Insurer Keep Making Mistakes?

It should (but doesn’t usually!) go without saying that human beings make mistakes even at the best of times—however, it should never be the norm when dealing with finances. If you find yourself constantly grappling with errors and inaccuracies in your insurance dealings, it may be time to re-evaluate your choice of insurer. A reliable insurance provider should be a steadfast partner in managing your risks and safeguarding your assets. However, if your current insurer consistently makes mistakes, whether it's miscalculating premiums, misinterpreting policy terms, or mishandling claims, it can lead to frustration, financial setbacks, and a loss of trust.

Insurance is a crucial aspect of financial planning, and errors in this domain can have significant consequences. Frequent mistakes may indicate a lack of attention to detail, poor internal processes, or inadequate communication within the insurance company. Clients deserve an insurer that prioritizes accuracy and strives for excellence in service. If your current insurer is falling short in these aspects, it might be wise to explore alternative options that can offer a more reliable and error-free insurance experience.

Before making any decisions, consider thoroughly reviewing your current policy, communicating with your insurer about the recurring mistakes, and seeking clarification on how they plan to address and prevent such issues in the future. If the problems persist, exploring alternative insurance providers that prioritize accuracy and client satisfaction may be a prudent step to ensure your peace of mind and financial security. Remember, we can help!

Renewing Existing Insurance Contracts

Renewing insurance contracts is a critical aspect of maintaining comprehensive coverage and ensuring ongoing financial protection. As the expiration date of your insurance policy approaches, it's essential to carefully assess your current coverage and evaluate whether any adjustments are needed to align with your evolving needs. Renewal periods provide you with an opportunity to review your existing insurance terms, premiums and any changes in circumstances that might affect your coverage requirements.

Before renewing an insurance contract, policyholders should take the time to communicate with their insurance provider. This dialogue allows for a comprehensive understanding of any modifications to the policy terms, coverage limits or premium rates. It's also an opportune moment to inquire about new offerings or discounts that may be available, ensuring that the policy continues to provide the most value for the premium paid. Additionally, policyholders should be proactive in disclosing any changes in their personal or business circumstances, as these can significantly impact the appropriateness of the existing coverage.

While renewing insurance contracts is a routine process, it's not a one-size-fits-all scenario. Each policyholder's situation is unique, and the renewal process offers a chance to tailor the insurance coverage to specific needs. Whether it's adjusting coverage limits, adding new types of coverage, or exploring cost-saving measures, a thoughtful and informed approach to renewal ensures that the insurance policy remains a reliable and effective safeguard against unforeseen risks. Regularly reviewing and renewing insurance contracts reflects a commitment to maintaining financial security and adapting coverage to align with the dynamic nature of life and business.

Insurance for Canadians in 2024 and beyond

Climate change and increased catastrophic weather events will also affect your future insurance premiums, as stated by credit ratings guru Fitch Ratings. The company writes, “Global reinsurers are cutting back on the cover they provide against medium-sized natural catastrophe risks due to investor pressure after several years of large catastrophe losses and improved profitability in other parts of the market.” In recent years, the natural catastrophe insurance sector has been losing money due to increased severe and unpredictable weather-related damage. Now, insurers are becoming less likely to offer full coverage for natural catastrophes. The introduction of stricter terms and conditions for natural catastrophe coverage represents a long-term plan on the part of insurers to recoup these losses.

What does this mean for you? It means you need to look at your home insurance policy sooner rather than later. Weather events could also affect your business and car, so take a peek at those too, while you’re at it. If you need help shopping around for the most inclusive insurance coverage, agents at Acumen can walk you through the process and advise you on the best policies. It’s particularly important to purchase relevant insurance for your area because government funding after an event may not be available to homeowners who had access to insurance but chose not to purchase it.

The risk of natural disasters varies depending on your location in Canada. If you reside in or near a forested region, you may face a higher likelihood of wildfires. Certain parts of the country are more susceptible to flooding, even if you're not situated near bodies of water like rivers or lakes, as rain-related flooding can pose a threat.

When choosing coverage, take the time to discuss out how much it would cost you to rebuild your home if it were damaged or destroyed. Find a policy that will cover those potential expenses. If you’ve already spoken to insurance policy providers about home and land insurance, it’s likely that you’ve been shown contracts that include coverage for more than you think you may need—for higher payments, of course. Don’t sign just yet if you have doubts! We would be happy to talk to you about what’s essential in a coverage plan.

Talk to our insurance agents ASAP to get 2024 off to the right start

Take a look at our available insurance policies today and get in touch with any questions you might have! We’re available to provide quotes on home, life, business, and auto insurance, so if you need multiple insurance policies, talk to us about a money-saving insurance bundle. Also, before resigning on any existing contracts, speak with us so we can look for better options on individual policies or bundled plans. You’ll be glad you did!