Different Types of Insurance you Should Ensure you Have
Different Types of Insurance you Should Ensure you Have
When it comes to taking care of ourselves and our families, there are many pro-active steps we can take. One of these is of course, having the right insurance to meet a wide variety of our needs.In order to do this effectively, it is best to be aware of all of the different types of coverage you should have to ensure you have covered your basis.
With that being said, we all require individualized types of coverage and this is why turning to an insurance company to help support many or all of your insurance needs can be especially advantageous.
Here are some of the main types of insurance you should ensure you have.
Health Insurance
The reality is that most of us will encounter health issues that span over time and across varying severities. Not only can these medical problems lead to expensive day-to-day costs, they can also amount to larger financial ramifications over time. In Canada, obviously we have health insurance that covers the basics but looking into extended insurance – if you don’t have this through your workplace – can be invaluable.
In order to help avoid extreme financial burdens, taking the time to have the proper health insurance in place can truly be worth its weight in gold.
Homeowner’s (or Renter’s) Insurance
Whether you own your home or currently renting, having the most suitable insurance to safeguard your home, your belongings and and protect against potential damages that can lead to large financial expenses is also fundamentally important.
When it comes to the specifics of home ownership and renter policies, each will differ, however, regardless of your living situation, it is well worth taking the time to further examine which type of ‘home’ policy will best reflect your needs.
Vehicle Insurance
If you own and are operating a vehicle, then having the right car insurance will be necessary. At the top of this list, in terms of insurable scenarios are car accidents.
Whether you are found liability for inflicting damage to another person and/or their vehicle or you or your vehicle are the injured party, each outcome will ultimately lead to the likelihood of you needing to pay large sums towards rectifying the situation. In this case, having the proper insurance in place will go a long way to assisting you with any car accident-related costs.
Liability Insurance
Equally essential when compared to other types of insurance is liability insurance. Liability insurance comes in various shapes and forms as well and can often be tacked onto a home insurance policy. Included in this type of coverage is the protection against being deemed financially liable for any injuries others sustain on your property or while visiting your home.
Liability insurance also pertains to business insurance and can help protect against similar situations that occur at or as a result of your business. Therefore, it is also well worth taking the extra time to look into this type of insurance and more clearly understand how liability coverage can benefit you.
Disability Insurance & Long-Term Care Insurance
There might be times when the status of your health may prevent you from being able to work. Depending on whether your medical condition is expected to last for a short or long period of time, you may need to turn to Disability or Long-Term Disability insurance to help provide financial support.
Likewise, Long-Term Care insurance will be beneficial for times when, regardless of your age, you may need to move to a long-term care facility. Additionally, these policies can also provide the necessary coverage, should you require home-care services.
Life Insurance
Finally, having life insurance is a critical part of your insurance coverage. As policies range significantly from person to person, and situation to situation, this again reinforces the importance of taking the time to examine all of your insurance needs – and seeking out the ongoing support of an insurance expert is a highly valuable piece of the puzzle.
In order to get the right insurance coverage for your individual needs, working with your trusted insurance company can enable you to feel confident that you have in place, the best coverage across a wide range of insurance areas.
With multiple policies on the go, for example, home insurance and vehicle insurance, your insurance company can provide a more seamless approach to managing your insurance coverage.
At Leaders Insurance, we specialize in a range of insurance for your needs such as vehicle, business, home and other property insurance. Reach out to us today for more information on how we can support you with these fundamental insurance needs.
Renewing your car insurance
Renewing your Car Insurance
As a resident in BC, It may be coming time to renew your car insurance. If so, here is what you need to know about renewing your insurance as well as learning more about how working with an insurance agency can benefit you when it comes to your overall insurance needs.Perhaps you have already received your car insurance renewal reminder - which is typically sent out approximately one month prior to your deadline.
Along with your renewal reminder, comes the relevant information you need to be aware of to complete this process. These details will include, an overview of your coverage, the date your policy will expire, as well as the fees associated with your renewal.
This renewal reminder is also an outline of the coverage itself, including the approximate price of your insurance policy, the duration or term of the policy, as well as the names of drivers who are covered under your vehicle insurance.
What documents do you need to have to renew your insurance?
To efficiently complete this process, there are also some key pieces of information you will need to have on hand. These are comprised of: your provincial drivers’ licence number, and the date-of-birth for each driver listed on your policy.
Additionally, should any drivers included in your policy not have BC driver’s licenses, you will want to have the following information for each driver with you: the name of the driver, their driver’s licence number, as well as the region (province) where the licence was issued.
Furthermore, in instances where you may be eligible for any discounts on your insurance, these are also typically included in your renewal reminder. For example, if you qualify for the low-mileage discount, then at the time of renewing your insurance, you will want to have an up-to-date odometer reading with you to demonstrate your eligibility.
Finally, as you look to renew your car insurance, there are online tools and resources available to help with this process, as well as an option for obtaining an estimate of your upcoming car insurance costs. It is also recommended that you contact your insurance provider for extra clarification whenever necessary.
What you should know about Virtual Renewal?
While in-person insurance renewal is often an option as well, with COVID-19 still being a presence in our lives, the renewal process as well as other insurance services have also continued to be provided through phone and online channels.
With virtual renewal especially, the timeframe for renewing your insurance can conveniently be done as early as 44 days prior to your expiry date, which can allow you to get a head start on your insurance renewals.
What are the added benefits of renewing your insurance through your insurance agent?
It is also worth noting that there are many advantageous to renewing your car insurance directly through your insurance company.
First and foremost, your insurance agent can provide additional assistance as you navigate this process.
Also, whether you are thinking about or ready to make changes to your insurance coverage, then this is a good opportunity to reach out to your provider and discuss your options.
Not only can this be an extremely beneficial step when it comes to getting clarification and adjusting your vehicle insurance, it can also be an opportune time to discuss and review all of your options for other types of insurance you may require.
Contact our experts at Leaders Insurance, so we can help to ensure that all of your car insurance requirements are being met prior to the renewal process. We also look forward to assisting you with any other insurance coverage areas you may be interested in moving forward with this year.
Happy New Year! Are your insurance renewals up-to-date?
A New Year brings a clean slate of sorts and it’s time to setup the year for success. Whether you are a business owner, own a property or drive a vehicle – it’s important to check that all your current insurance policies are up-to-date and take note of when they are up for renewal. January is a perfect time to plan for the year head and we are here to help you through it.
What is an insurance renewal?
An insurance renewal is the standard length of time an insurance policy is in effect without an insurance company adjusting your rate. Of course, there are exceptions to every rule, and it is possible – on rare occasion – for your rate to change shortly after purchasing a new policy if you do not meet underwriting guidelines.
When Does an Insurance Policy Renew?
The renewal date of your insurance policy is based on the date your policy took effect. So, it could actually take place on any day of the year depending on when you originally started the policy. The other factor in determining your renewal date is the length of your policy period. Policies usually renew annually or semi-annually. The start of the year is a perfect time to take stock of when these renewals are coming due so you can plan ahead.
Renewal information is usually mailed or emailed to you 45 to 30 days in advance of your renewal. You will receive a declaration page along with other information explaining your policy. A new proof of insurance is usually enclosed with the declaration page.
What Should I Do When My Insurance is Close to its Renewal Date?
Look at your existing rate and see if you qualify for any further discounts. When you get your renewal reminder, this will help prompt you to do this review as sometimes insurance is easy to forget if you haven’t had the need to use it recently. It is a good time to contact your insurance agent to review your policy.
Why Insurance Rates Can Go Up
It is possible for every person insured with a given carrier to have a rate increase. Insurance rates can rise due to increased claim activity. If an insurance carrier is losing money, rates can increase. Also, if there appears to be a higher level of risk, an insurer will increase the value of the insurance on the policy to protect them from further exposure. Insurance policy renewals are a standard part of insurance. All policies renew and insurance companies have the ability to recalculate your insurance rate. Use this time of year to mark your renewal dates in 2020 so you know when to review your policy and think about possible changes.
Find an Insurance Broker that has a large network
When looking for insurance coverage, you want to partner with an insurance agency that has access to a wide network of insurers. This is key to getting the best coverage and the most competitive rates.
At Leaders Insurance, we can often source competitive insurance coverage where other agencies can’t. Our team has a wealth of expertise and we service clients not only in the Tri- Cities but also across the Lower Mainland and BC as a whole. As you plan out your year, please feel free to reach out to us so we can provide you with a quote for all your insurance needs. Let’s make 2020 your best year ever!