You might be due for a new vehicle, house, or renovation project. Perhaps you are a business owner and are looking into new products, staff or trading areas. Believe it or not, all these changes have one common thread: they affect your insurance, whether personal or commercial.

This is where planning comes into the equation. Each one of the changes mentioned above will impact the cost of insurance. Did you factor that in? Have you included the cost of insurance in your budget? Here are some things you should consider as you make changes in the new year.

New Car: A new car can potentially increase your insurance; however, with the new safety additions such as autonomous braking, it may actually reduce the insurance. Certain insurance companies are providing discounts for advanced safety devices, and it's worth looking into.

New Home: It’s always exciting to begin the search for a new place to live, but sometimes its hard to determine whether to buy new or pre-owned. There are many variables at stake. Insurance can vary greatly based on the type and location of the home. Newer homes tend to qualify for discounts based on the year built while older homes require details regarding any renovations done to the plumbing, heating, electrical, and roof.

Renovations: Speaking of renovations, do you have plans of maybe finishing your basement this year? Perhaps you’re considering adding a new deck or tearing down a wall in the house? If so, you might want to include the additional cost of insurance to your budget. On the flip side, adding additional safety measures can help to reduce your cost. Alarm systems and sump pump sensors are just two ways to bring down the cost of insurance.

New Products: As a business owner, you should be in constant contact with your insurance provider to inform them of any changes to your operation. A new product/service can change the coverage within your insurance policy and possibly make it null and void. Be sure to share your ideas and obtain some advice on how to proceed.

New Staff: Growing your business team is great, but be sure to advise your insurance company of this awesome expansion. A seasoned insurance representative will be able to provide some advice and consult on risk-averse behaviour that may help you to avoid a claim with a larger team.

New Trading Areas: Each territory comes with unique perils. It’s important to find out how alterations to where you do business--whether it’s a different town, city, or province--can have an impact on your insurance.

So, with the New Year in full swing, it is time to sit down and focus on planning all aspects of the changes that you are implementing in 2019. Remember to reach out to a licensed insurance broker to help you navigate through it.

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