How Different Life Stages May Impact Your Insurance Needs

Insurance Needs Change Throughout Your Life

Our lives are constantly changing, and so are your insurance needs. We buy cars and homes, get married, have children, retire, and so much more. There sadly may also be divorce, separation, and the passing of family members along the way. Life is a series of stages, and our Morison Insurance brokers can provide insurance facts to guide you through the different interchanges on life's highway.

Buying a New Car

Before you get behind the wheel of your new car, you must insure it. Ontario law requires all vehicle owners to have auto insurance. Provincial law requires motorists to have several legislated coverages; however, additional and increased coverages can also be purchased for extra protection. The dealer who sells your vehicle will require proof of auto insurance - often called a pink card or confirmation of insurance if the vehicle is financed - before you drive away. You will also have to provide proof of auto insurance before getting a licence plate for your vehicle. Our expert brokers can explain auto coverages to you, get you several quotes and help you get the insurance you require quickly and smoothly.

Contacting an insurance broker before purchasing a new vehicle is also a good idea. The cost to insure a car is based on several factors, including what kind of automobile you are insuring. Some vehicles are more expensive to insure than others. For example, standard vehicle insurance costs less than insurance for a luxury vehicle. A broker can provide you with pricing on auto insurance before you buy. This means you will know your price to insure your new vehicle before you sign on the dotted line.

Buying a New Home

If you are considering buying your first home or moving to a new one, congratulations! This is a thrilling time. There are many questions to ask when purchasing a new home. At the same time, buying a new home can have stressful moments and changes. But having the proper information is key to being prepared for any questions or concerns when they arrive.

Some essential information to know before you buy would include:

  • How old is the house?
  • How old are the electrical, plumbing, heating and roof?
  • Has the house been renovated?
  • Is it located in a flood-prone area?
  • Is it located near a Firehall or fire hydrant if it's in a rural area?
  • Is there a monitored security system?

These are among the significant factors that will impact how much the home insurance on your new property may cost. A Morison Insurance broker will ask you about details of the house to ensure you get accurate and competitive quotes. This means you can select the policy you want at a competitive price.

After your home is purchased, you still need more time to finish. It is essential that you contact an insurance broker before the closing date of your new home to be sure your coverage is in place on the date you plan to move in. If you are arranging a mortgage, your lender will require you to have the home insured. Home insurance protects your financial investment in your house and the mortgage holders. Lastly, if you are moving from one home to another, ensure your policy is stopped at your old home when you move out and started at the new one when you move in.

Your updated policy will provide contents and property coverage for fire, theft, vandalism, explosions, and other perils. Our 5-star team can tailor your coverage to your specific needs.

Renovating Your Home

Renovating your home can be exciting. You may finish your basement, renovate your kitchen, update bathrooms, or put in a pool. When the project is done, it feels fantastic. On the other hand, some renovation projects are, while necessary, less glamorous.

Glamorous or not, it's good to tell your insurance broker about the changes you are making to your home. Changes and renovations to your home can impact your insurance premium, with some changes increasing your premium, and other renovations may lower your insurance premium. For example, if you make changes, such as building an addition or finishing a basement, you are increasing the value of your home. The insurance company needs to know about these changes to be sure your home is appropriately insured to its replacement cost. If your home is not insured to replacement cost and you suffer a complete loss of your home, you will not be financially compensated for the total replacement cost of your home. You will only be insured to the existing coverage limits.

On the other hand, suppose you are updating your home's plumbing, electrical and heating systems. These changes may reduce your premium. For example, companies will likely lower your premium if you replace old wiring. These changes lower the risk of a loss hence a lower premium. Bottom line: Let your Morison Insurance broker know when you renovate your home or make other changes. Your broker can tell you what impact, if any, these will make on your insurance and can recommend what coverage changes are needed.

Getting Married, Moving in With a Partner, Separated or Divorced

You must contact your broker if you are changing your marital status or moving into a home with your partner. There are different kinds of insurance to suit your choice of home. You may need to update your existing home or tenant insurance. An insurance broker can help with any updates you may need.

If you are getting married, changing your name and updating your driver's licence, it is essential to provide this information to your broker. Your broker must have up-to-date details for your policy.

Also, if you and your partner are now separated or divorced, we can help alter your existing policies and set each of you up with your own policy.

If you are moving into a home with your partner, your insurance broker will need information on all drivers in the household. This includes each driver's name and insurance information. Once you are common-law, the broker can look at combining your policies for additional savings discounts such as bundled home and auto coverage or multi-line discounts.

Having Children

If you have a child/children, one parent will be on maternity leave and not be travelling to work for a period of time. You should contact your broker and update your auto insurance from commute to pleasure only. This may save you money and make sure your coverage is correct.

Once your child has grown up, they may pursue post-secondary education. This is a big step which may include living on their own for the first time. To ensure you have the proper coverage, you may need to add a Tenants Insurance policy for your child. However, before purchasing a tenant's policy for your child while they are away at school, contact your broker to see if your homeowner's policy will automatically extend to your child. Some insurance companies will extend homeowners policies at no additional cost to cover children's belongings and provide liability coverage while away at school. If needed, tenant insurance can be arranged by your broker.

Don’t forget to let your insurance broker know if your child will take a family vehicle with them to school. The car will need to be appropriately rated by amending the garaging address, primary operator information, commute distance and other details.

Setting up a Home Business

Before setting up a home business, we recommend speaking with a Morison insurance broker. Refrain from assuming that your home policy covers your home business. Business activities are not covered under a home policy. To a specified limit, you may have some coverage for equipment, such as stored equipment. Home-based business insurance can be added to your home policy as an extension of coverage and protects you in case of property damage, professional liability, and more. Some examples of home business coverages include your contents, tools, electronic data processing equipment, loss of business income and much more. A home-based business policy can cover professions such as accountants, hairdressers, consultants, wedding planners, and many other businesses. A Morison Insurance broker can provide helpful advice and get your home-based business insured with the correct coverage.


Congratulations on your retirement! This is a monumental step and something that should be enjoyed. However, this vital stage should be reported to your broker so they can update your policy. Retiring can impact not only your vehicle insurance but also your home policy as well.

If you are retiring, you may drive less often, lowering your auto policy premium. You will be driving fewer kilometres if you are not driving to work regularly, which can impact your auto insurance cost. You may also qualify for money-saving auto insurance discounts such as a retiree discount, a loyalty discount and others. There are numerous ways to save on your auto premium, and the brokers at Morison Insurance can explore these to help you receive as many savings opportunities as possible.

If your retirement means you plan to move, your home insurance needs will likely change. Factors such as your new home's location, age, size, wiring, heating and plumbing details affect your premium. For example, moving to a smaller house or a condo may lower your home policy premium or change your overall coverage from home to condo insurance

Further, you may qualify for numerous discounts, such as mature homeowner, loyalty and claims-free savings, which can bring down your home policy premium. When downsizing or moving, your insurance needs may change. We encourage you to contact an insurance broker to discuss this before you retire.

A Death in the Family

When there is a death in the family, several things need to be attended to, including looking after the deceased's insurance. The broker will require a copy of the death certificate, and a copy of the will designating the executor. The broker will take direction from the executor and help sort out what needs to be done regarding the deceased's insurance.

The insurance broker will also need to know the status of the deceased's home. If the home is vacant, someone will need to check and maintain the house regularly, including shutting off all the water to prevent pipes from bursting and causing water damage. Is the home being listed for sale, or is the ownership transferred to a new name? A broker can help to set up a new home policy and cancel a current one.

Inform the insurance broker if the deceased's vehicle(s) has been sold, someone else is driving it, ownership of the car has been transferred to someone else's name or the vehicle is being stored. Speaking to the deceased's broker is essential to ensure policy changes are made.

Speak To Your Insurance Broker About Any Other Changes

Life is a series of changes we all navigate as the years go by. Our expert brokers can help you as your coverage needs alter through life milestones. If you are about to reach a pivotal life moment, don’t forget to speak with our team of expert brokers to make sure your insurance coverage has been updated. If you want to learn more about the information above or have other questions, speak with a Morison Insurance broker today.  Get in touch with us at 1-800-463-8074, or request a quote online to learn more about how we can address your unique insurance needs.

We look forward to hearing from you.

This content is written by our Morison Insurance team. All information posted is merely for educational and informational purposes. It is not intended as a substitute for professional advice. Should you decide to act upon any information in this article, you do so at your own risk. While the information on this website has been verified to the best of our abilities, we cannot guarantee that there are no mistakes or errors.

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