How often should I update my insurance policies?

May 4, 2024

Life is ever-evolving; from new jobs and expanding families to changing assets that dictate our insurance needs. What was suitable when we graduated college may no longer cover us now that we own homes and raise children; thus it begs the question: How often should I update my insurance policies?

At Summit Insurance Kelowna, our primary priority is offering flexible protection tailored to the changing life circumstances of each of our policyholders. In this blog post, we'll address how often policy updates occur as well as key life events that call for a review.

Annual Assessment: A Must-Do for Comprehensive Coverage

Though no universal standard applies, conducting annual reviews of your insurance policies should be of top importance. By checking that their coverage aligns with your current situation and adequately protects you - think of it like financial spring cleaning; ensure your assets are well secured!

Consider these factors during your annual review:

Change in Value

Have you recently made any significant purchases, like fine jewellery, electronics or home renovation projects that increased in value significantly? Depending on their value and extent of coverage needed on their policy. Adjustments might need to be made accordingly in your homeowner's or renter's policy coverage limits to reflect these increased values.

Lifestyle Changes

Have you recently brought home a furry companion, like a kitten or puppy, into the household? Depending on their breed and potential costs associated with medical costs or damage they cause, adding an animal may require coverage against potential costs of ownership such as vet bills. Also launching your home-based business could necessitate making necessary modifications to your property insurance.

Risk management efforts

Do you have a security system installed or added additional safety features in your home that can lead to significant insurance premium discounts? Taking such precautionary steps may sometimes result in substantial savings from insurance premium discounts.

Keep this in mind: A review doesn't always result in policy modifications; rather, it ensures you remain informed and allows you to adapt coverage as necessary.

Life Events as Triggers for Immediate Policy Updates: What To Watch Out For

Certain Events require you to review and reevaluate your insurance policies immediately; here are key scenarios which demand this action:

Marriage or Divorce

Changing relationships can radically transform your finances, necessitating consolidation or separation of existing policies, revision of beneficiary designations or additional life insurance for both partners depending on circumstances.

Welcoming Children

Becoming parents brings both joy and additional responsibilities, such as including your new family member in your health insurance plan considering life insurance as protection against their future needs, or finding specialized coverage options specifically tailored for kids.

Acquiring Real Estate

Homeowner's insurance should protect any large investments such as homes or other forms of real property from risks such as fire and theft; make sure it covers its full market value along with any individual contents within it.

Starting a Business 

When beginning any venture, protection from potential liabilities must be considered paramount. Professional liability or errors and omissions coverage in Canada is ideal for shielding yourself against legal actions stemming from professional errors.

Check out our blog post "What Insurance Do Startup Businesses Require?" for more understanding.


As part of transitioning to retirement, your insurance needs may change significantly. While disability may no longer be needed, long-term care insurance could become invaluable in providing for any medical emergencies that might arise later on in your life.

These examples highlight the value of seeking advice from qualified insurance experts at Summit Insurance Kelowna. Any time significant life changes arise seek guidance from one.

Keep Your Coverage Current: Partner With SummitCover to Stay Protect

At Summit Insurance Kelowna, we understand the significance of keeping your coverage current and our dedicated team of insurance advisors is committed to working closely with you in evaluating your changing requirements while suggesting suitable coverage solutions that best match them. Our comprehensive product suite includes;

Being proactive when it comes to insurance can reap substantial advantages. By scheduling regular reviews and adapting policies according to life changes, proactively taking an approach with insurance ensures you possess sufficient protection in time when needed most.

Summit Insurance Kelowna takes great pleasure in offering personalized service that puts our clients' safety at the top of our priority list. Reach out now for a no-cost consultation to begin building a bright future with us!

Read more: What Insurance Does a Startup Business Need?

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