What to do when it’s time to renew your home insurance

Is your home, condo or tenant insurance coming up for renewal? For some, renewing insurance can be a confusing time. From uncertainty of when renewal occurs to what you need to consider upon renewal, we’ll help answer some of your questions so that you can feel confident about your home insurance.

When do I need to renew my insurance?

Your homecondo, or tenant insurance typically renews every year from the date you originally purchased, or last renewed your policy.

A few weeks prior to your renewal date, your insurer will send notice with your updated policy terms, along with your new premium. If you're content with your current policy, you can wait for it to automatically renew for another term (typically 12 months). Or, if your needs have since changed, you can shop around for other policies from different insurers.

What should I consider at renewal time?

When it comes to renewing your home insurance, you’ll want to look at your existing policy and ask yourself these questions:

  • Does my current policy still meet my needs?
  • Do I need more (or less) coverage?
  • Have I had something newly installed in my home that will help me qualify for discounts or savings (e.g., home security system, new roof, etc.)?
  • Have I switched mortgage providers since I purchased/renewed my current policy?

If your home insurance needs have changed, you don't have to wait until your policy renews to make changes. You can typically update your policy at any point during your policy term. However, when it comes to renewal time, it may be worthwhile to look around for other policy options that better align with your current needs. If you're curious about what TD Insurance can offer you, click to get a quote. We'll help recommend the right coverage for all your home, condo, or tenant needs.

Why do I need to renew?

For the same reason you got home insurance in the first place — to protect you, your home and your belongings. However, you don't have to renew your existing home insurance policy with your current insurer. If you find a better policy elsewhere, you can cancel your current policy at renewal and purchase a new policy with another insurer.

What happens if I have an active policy with another insurer but want to switch to TD Insurance?

Before making the switch to TD Insurance, make sure you're aware of any potential fees that your current insurer may charge you. Most insurance companies will charge cancellation and/or administrative penalties if you choose to cancel your policy term prematurely. If you're considering switching insurance providers mid-term, weigh the cost of switching against the benefits that could come from a new provider, such as additional coverage, better service, or a lower premium cost.

If you do choose to move forward with switching to TD Insurance prior to your current policy renewal, you'll need to make sure your TD Insurance policy is completely set up before cancelling your existing policy. This will help ensure that you have continuous coverage from one policy to the next.

When your home, condo or tenant insurance with your current insurer is up for renewal, get a quote with TD Insurance. Between our competitive rates and the many coverage options we offer, we'll help you find the coverage that fits all your needs and within budget. From bundling home and car insurance to our Multi-line discount and many others, you'll see just how much you can save by switching to TD Insurance.

The content on this page is for general information purposes only and does not constitute legal advice. Coverages described herein may be subject to additional eligibility criteria, limitations and exclusions. In the event you make a claim, potential indemnification is also subject to the receivability of the claim and the type of coverage you bought.

In the case of conflict between the content on this page and your policy wordings, your policy wordings shall take precedence. Please speak to an Advisor or consult your policy wordings for further details.