Why You Shouldn’t Auto-Renew Without Reviewing First
Home insurance is a yearly essential, but just because your current policy is expiring doesn’t mean you should hit “renew” without taking a closer look.
Across Ontario and Alberta, thousands of homeowners are seeing rate increases at renewal time, even without claims. According to Ontario’s Financial Services Regulatory Authority (FSRA), home insurance premiums have increased by 10–15% in some areas due to inflation, increased rebuild costs, and climate-related risk.
But here’s the good news: Renewal time is also your opportunity to reassess your coverage, uncover new savings, and even switch providers...without penalty.
When Do I Need to Renew My Home Insurance?
Your home, condo, or tenant policy typically renews every 12 months from the date you signed or last renewed. A few weeks before renewal, your insurer will send you:
- A notice of renewal
- Your updated premium
- A summary of policy changes
At that point, you can either let the policy auto-renew or use the window to review your needs, adjust coverage, or switch providers.
What to Review Before Renewing Your Home Insurance
A few minutes of review now could save you hundreds later. Before letting your home insurance auto-renew, ask yourself:
1. Have you done any renovations or upgrades?
A finished basement, new roof, or kitchen remodel can affect your home's rebuild value — and may increase (or decrease) your premium.
2. Did you install an EV charger or solar panels?
These upgrades can boost property value and may qualify for a green home incentive from the government. And need to be disclosed to your insurer.
3. Do you now have a smart home or leak detection system?
Insurers often provide discounts for professionally monitored security systems, leak detectors, and water sensors.
4. Have you purchased high-value items?
Jewelry, art, electronics or collectibles may need to be listed separately to be fully covered under your policy.
5. Has your household changed?
A new roommate, family member, or someone moving out can impact who and what’s covered.
6. Do you rent out your home (even occasionally)?
Airbnb, VRBO and short-term rentals usually require special endorsements — and may not be covered under a standard home policy.
7. Do you run a business from home now?
E-commerce, consulting, or other home-based work may require additional coverage to avoid claim issues.
8. Is your home left vacant for long periods?
Homes left empty for 30+ days without proper precautions may lose coverage — especially in winter months.
9. Did you switch mortgage lenders?
You’ll need to update your mortgagee details on the policy to avoid claim delays or lender issues.
10. Do you qualify for new discounts?
You might now qualify for a multi-policy discount (e.g., home + auto), senior discount, loyalty savings, or other perks.
Pro Tip: Even if your situation changed during the year, you don’t have to wait for renewal to make updates — but renewal time is the best moment to review everything in one go.
Why Do I Need to Renew?
Simple: because you still need protection. But you don’t have to stay with the same insurer.
Renewal is your opportunity to:
- Update your coverage to match your life
- Compare pricing from other providers
- Take advantage of new discounts and bundles
- Switch to a better fit — like MIB
What If I Want to Switch to MIB?
You can make the switch to My Insurance Broker (MIB) at renewal — or even mid-policy.
Here's how:
- Get a quote with MIB before your current policy renews
- Check for cancellation fees with your current insurer
- Ensure there’s no gap in coverage during the transition
- Set up your MIB policy before cancelling the old one
At MIB, we’ll walk you through it from coverage comparisons to bundling discounts (home + auto), we’ll help find the best fit.
Ontario + Alberta: What You Should Know
- Most insurers send renewal notices 30–60 days before expiry
- Renewal premiums may go up or down — even with a clean claims record
- Inflation, climate risk and construction costs are driving premium increases across many postal codes
- Home insurance rates vary greatly by region, rebuild value, and property type
That’s why reviewing (and comparing) is more important than ever.
Ready to Explore Your Options?
If your renewal is coming up or you’re curious if you could get a better deal elsewhere, we’re here to help.
Call us at 1‑855‑482‑5001
Email: info@myinsurancebroker.com
We serve homeowners, condo owners and tenants across Ontario and Alberta, with competitive rates and personalized guidance.
Final Thought
Don’t let your home policy renew on autopilot. A few questions now could save you hundreds — or even thousands — later. We’ll help you stay covered, stay smart, and stay protected.