Updated for Ontario & Alberta drivers and homeowners
As we step into 2026, many Canadians are focused on one thing: getting their finances under control. And yet, one of the biggest household expenses often goes unchecked year after year — insurance.
That’s risky.
According to the Canadian Life and Health Insurance Association, 61% of Canadians experienced a major life change in the past year, such as moving, changing jobs, renovating, buying a vehicle, or welcoming a new driver into the household. At the same time, the Insurance Bureau of Canada reports that nearly half of policyholders don’t review their insurance annually, increasing the likelihood of coverage gaps.
That disconnect is exactly why this 10-minute coverage check matters.
Why a Coverage Check Matters More Than Ever
- In Ontario, the average auto insurance premium now exceeds $2,100 per year, with GTA households paying more.
- In Alberta, premiums vary widely by driver profile and insurer, making annual comparisons critical.
- Across Canada, extreme weather losses reached record levels, driving higher rebuilding costs and tighter underwriting.
Insurance isn’t static, but many policies are. If your life changed in 2025 and your policy didn’t, you could be underinsured… or overpaying.
The 10-Minute Coverage Check (do this once a year)
Minute 1–2: What Changed in Your Household?
Ask yourself:
- New vehicle, EV, motorcycle, or teen driver?
- Renovations, finished basement, new roof or furnace?
- New valuables (jewelry, bikes, electronics)?
- Working from home or running a side business?
- Driving less — or more?
These changes affect eligibility, pricing, and claims outcomes.
Minute 3–4: Review Your Home Coverage
Confirm:
- Dwelling limit reflects rebuild cost, not market value
- Contents limits still match what you own
- Water coverage includes the right endorsements (where available)
Water damage remains one of the most common and costly claims in Canada, especially when coverage isn’t aligned.
Minute 5: Check Deductibles
A higher deductible can reduce premiums,...but only if it’s an amount you could realistically pay in a bad month.
Minute 6: Make Sure Auto Coverage Matches Real Life
Verify:
- Annual mileage and commute
- Listed drivers
- Personal vs business use
- Collision and comprehensive still make sense for your vehicle’s value
Even small inaccuracies can affect claims.
Minute 7: Don’t Miss Common Discounts
Here are some of the most common ones households overlook:
Auto discounts:
- Winter tires: Ontario insurers must offer a winter tire discount (in effect since Jan 1, 2016).
- Multi-vehicle / multi-policy bundling
- Telematics / usage-based insurance (great for lower-mileage or safer drivers; always ask how it’s applied at renewal)
- Anti-theft options (varies by insurer/vehicle)
Home discounts:
- Monitored alarm and security systems
- Water-loss prevention (leak sensors, water shutoff, sump/backwater devices; eligibility varies)
- Updated plumbing/electrical/heating
- Claims-free history
This is where working with a broker helps: you don’t have to guess which carriers reward which upgrades.
Minute 8: Look for Silent Coverage Gaps
Common ones include:
- Home-based businesses
- High-value items not scheduled
- Rental or secondary properties
- Vacant homes during extended travel
These gaps usually surface after a loss, when it’s too late.
Minute 9: Motorcycle Owners — Quick Check
Confirm storage method, accessories, training history, and seasonal use. These details matter more than many riders realize.
Minute 10: Take One Simple Action
Pick just one:
- Update rebuild values
- Correct mileage or vehicle use
- Ask about missed discounts
- Re-shop coverage if renewal jumped
Ten minutes now can prevent thousands in uncovered losses later.
Final Thought
When 61% of Canadians experience major life changes and nearly half don’t review their coverage annually, it’s easy to see how protection gaps happen.
Starting 2026 right doesn’t mean cutting coverage, it means aligning it with your real life.;
Want a fast coverage review?
At My Insurance Broker, we help families across Ontario and Alberta compare options and tailor protection with access to a broad insurer network.