Here you are, counting down the last days before you retire, after what seems like a lifetime of work, “climbing the ladder”, and investing into your RRSP or employer’s pension plan.Congratulations!

Retiring is certainly one of the bigger milestones in life. And likely, excitement mixes with anxiety and apprehension. Is there going to be enough money? What are you going to do with all the new-found time? Among the many formalities that come with retiring, your insurance might not be the first thing on your mind. After all, the time to set up your insurance is usually long before retirement…

Still, as you take the plunge into retirement, give your personal protection plan a quick review: Adapting your personal insurance to your new status as a retiree may not only save you money, but will also set you up for the future.

• What does retirement have to do with my auto insurance?
• Retirement and homeowner’s insurance
• I’m a snowbird – how do I need to set up my insurance?

What does retirement have to do with my auto insurance?

This is the time of life you’ve been waiting for! No more work. No more stress. No more clock-punching. And no more commute! (This might actually be the biggest perk!) The mornings and afternoons spent stuck in traffic, adding unnecessary hours to your work day and driving your blood pressure high and higher, are finally over. Not to mention: The outrageous expenses on gas and car maintenance, which you can now save.

Unfortunately, you completely forgot another aspect that might save you even more money: Your auto insurance!

If you recently retired (or if your driving habits have significantly changed otherwise) give us a call so we can adjust your auto policy to match your new lifestyle. You can actually ‘lose’ quite a bit of money in higher payments if you retire and don’t call your insurance broker. Here’s what to look out for:

• If you no longer commute, you’ll likely drive significantly less than you used to, now that you’re retired. Less mileage means less time on the road and, in insurance terms, less exposure to risk. If the usage of your car drops from a 50 mile per day / five-day per week commute to ‘pleasure use’, you can reap big savings on your auto policy!
• Adjust your deductible.The higher deductible, the lower your monthly insurance payments. It may pay for you to increase your deductible. (Your deductible is the amount of money you pay after an accident, before the money from the insurance kicks in.)
• If you have an older car or a car that you barely use, but hesitate to sell, give us a call. We can help you evaluate the situation and make a recommendation on how to save insurance dollars while still providing you with adequate protection. Please be sure to give us a call before you decide to drop any coverage.

As you re-evaluate your auto insurance during retirement, please be very careful to keep adequate liability limits on your policy. The last thing that you want to happen is to be considered “at-fault” in an accident and be held responsible for a sum of money that exceeds your policy limits. Don’t jeopardize your retirement funds and don’t risk having to return to work!

We can help you set up a high-value insurance plan that makes the most of your insurance dollars and provides you with adequate protection and peace of mind during your sunset years. You deserve to enjoy them worry-free! Give us a call today 519-824-4040 for a free policy review.

Retirement and homeowner’s insurance

Your very last mortgage payment is coming up…and then the house will be yours! What an accomplishment! Now you are a truly a homeowner.

The question is, now that you no longer have to report to the mortgage company (who requires you to carry homeowner’s insurance), should you still continue your homeowner’s policy?

Our answer: Absolutely!

It is very important that you continue to carry homeowner’s insurance on your home.

It is true that a lender requires you to have homeowner’s insurance, and that requirement does no longer apply when your mortgage is paid off. But unless you can easily afford to pay out of pocket for losses or even rebuild your home after a total loss, you should never consider dropping your homeowner’s insurance.

In addition, it is important to regularly review your homeowner’s policy to ensure that the value of your home, rebuilding cost, and value of your personal property are still adequately reflected. Call us 519-824-4040 anytime for a policy review. We are happy to help you with this (And if your policy hasn’t been reviewed since you signed the mortgage documents, it is high time to schedule an appointment with us!).

I’m a “snowbird” – how do I need to set up my insurance?

Rain, wind, and snow? Ha! No longer for you! Since you retired, you not only successfully escaped the 9-to-5 grind, but also the weather! Six months are spent in the mild summers of Ontario, surrounded by family…and as soon as the dreariness begins, you board your car, RV, or plane, and escape to sunnier places like Florida for the winter months. Or maybe a road trip!

Yes, there’s a name for the folks who enjoy this lifestyle: Snowbirds!

The only question is: What happens to your house, car, and other property that’s here while you’re there?And, what happens with what is there while you’re here?

We can help you with that. Just give us a call, and we’ll help to coordinate the Here and There and Where and What for you, when it comes to your protection plan.

Unfortunately, things tend to get a little complicated when it comes to insurance plans that cross country borders. To make it a little easier, let’s split this question up into various insurance scenarios:

Homeowner’s Insurance

Let’s assume that you own a home in Ontario and would like to purchase a second home in Florida. That may trigger a variety of questions: Where is your primary residence? Where should you get insurance?

Your primary residence is the residence that you spend most of the year in. Let’s assume, in this example, that this is the Ontario home. It needs to be insured in Ontario by a company and broker that are licensed in Ontario (We can help you with that!).

If you purchase a second home in Florida, it needs to be insured in Florida (through a company or an agent who is licensed in Florida). If you are looking to find a broker outside of Ontario, please give us a call. We are happy to help!

Auto Insurance

Let’s continue to use our example of Ontario and Florida.

If you own one or more car(s) at your primary residence in Ontario, they need to be insured where they are registered. That is usually the province of your primary residence (In our example – Ontario).

If you own cars that you are absolutely sure won’t be driven in your absence, you have the option to pare down the insurance in order to save money. Give us a call – we can provide you with recommendations and price quotes.

Be sure to keep adequate insurance on the car that you intend to drive and on any car that might be driven (for example, by your son or daughter who watches the house)! If an uninsured car ends up being driven and the driver causes an accident, you will be held financially responsible no matter who drove the car!

If you drive your car from Ontario to Florida and use it there for the months you spend “snowbirding”, your Ontario auto insurance policy will extend while you are away. But, as always, give us a call if you plan on spending an extended amount of time out of province so we can make the necessary adjustments to your policy.

If you purchase a car in Florida or and intend to leave it parked at your secondary residence while you are back in Ontario or you leave your vehicle in Florida then you need to obtain registration and insurance for this car in Florida.

Umbrella Insurance

If you carry umbrella insurance in your home province, the policy will extend to cover the underlying policies no matter where you are. However, it will not apply for homes and cars purchased, registered and insured out-of-country. We may be able to list them on your policy. Give us a call to discuss your options.