Winterizing Your Insurance Policies


Putting snow tires on your car and sealing up the cracks in your home are common sense things to do to prepare yourself for winter. Make sure your insurance policies are winterized by following these steps.
Take a Vehicle Inventory
Sure, you know that insurance is mandatory on your ATVs, snowmobiles, motorcycles and other toys. But did you know you can usually get a deal by bundling all those separate policies into one? Even if you did, it never hurts to shop around to find the least expensive policy or the one with the best terms to make sure your precious winter fun stuff is fully covered. Insurance companies will typically raise rates annually for various reasons, and shopping around is a great way to keep “rate creep” from jacking up the cost of your insurance.
Make sure you aren’t sacrificing crucial coverage for price. Some companies will give you a high deductible or remove critical insurance coverage in order to work down the price. Increasing your deductible is a great way to save money on your insurance if you are prepared to do it, but if not make sure you aren’t surprised with a large deductible if you ever have to make a claim.
Check for Snow Load Coverage
If you live in Canada, you know you have to prepare for snow. Contact your insurance company to make sure damage to your home is covered if your roof should fail due to a large snow load. While shovelling your roof after a big storm can help, not everyone can manage this and you want to make sure you are covered.
Check for Water Damage Coverage
With winter comes potential water damage from melting snow. Water damage is a touchy subject with most insurance companies as it can veer too easily into flooding territory; flooding is not covered under Canadian insurance policies. You may need to add additional water damage coverage as a rider to your insurance policy, which makes a lot of sense at any time of year.
Report Home Improvements
If you purchase new windows or doors to guard against winter’s chill, you may be eligible for policy discounts. Contact your insurance broker after every major home improvement to see if you qualify. Your agent may also need to come out before the winter to inspect the improvements, particularly if they involve something that will be covered in snow such as a new roof.
How First Foundation Can Help
First Foundation can help you find policies that fit your lifestyle, including multiple vehicles and vacation properties. As an insurance broker, we make the policy fit your needs, we don’t make you fit the policy. Contact us today to see just how much more First Foundation can do for you than your usual insurance company.

President of First Foundation Residential Mortgages and First Foundation Insurance. Live in Edmonton but cheer for the Riders. I have lots of kids. Follow me on Twitter @gordmccallum

Learn more about Gordon McCallum