Why you shouldn't ignore your home insurance renewal notices

Updated: March 2026

A home is one of the largest financial commitments most Canadians will make, and staying on top of your insurance policy ensures that commitment is properly protected.

Renewal happens automatically, which makes it easy to overlook changes in your coverage, premium, or household circumstances, but doing so can leave gaps that matter at claim time.

Here’s what you need to know.

Why you should update your home insurance before renewal

Insurance companies expect to be informed when a home or household changes. If you’ve renovated, added an extension, upgraded a kitchen or bathroom, or purchased new appliances, your policy may no longer reflect your home’s current replacement value.

Failing to report these updates can limit what an insurer will cover if damage occurs.

Household changes matter as well. If a partner, parent, or child has moved in — or if you now work from home and have new office equipment — your provider needs to know so your coverage includes the right people and belongings.

Some additional changes that should be reported as soon as they occur include:

• Home repairs or major upgrades
• Significant purchases (art, antiques, jewellery)
• New pets
• A heating system replacement
• Alarm systems that have been installed or deactivated
• Pools, saunas, or similar additions
• Renting out part or all of the home, short‑ or long‑term
• Installation of solar panels, heat pumps, or EV charging equipment

Don’t wait for renewal time to make sure your policy reflects these changes. Inform your insurance provider as soon as possible so you're covered straight away. You'll also want to consider the limits of your coverage and whether you're still comfortable with your deductible.

When it comes to renewal, the little details matter, too. Take the opportunity to verify the names of all those living in your home, your address, and make sure your payment method is up to date.

Read more: Should you notify your home insurance company if you fix the damage yourself?

How to review your home insurance renewal notice

Your renewal notice outlines how your coverage and costs will change for the year ahead. A quick read‑through can help you catch errors, understand pricing changes, and make sure your policy still fits your home.

Start with the declarations page. This section includes:

• Policy period
• Coverage limits
• Liability limit
• Deductibles

Make sure these details reflect your current situation. Recent upgrades, a new workspace, or installations like solar panels or an EV charger should appear in your policy.

Next, review your coverage details and endorsements. Look for:

• Updates to water protection (sewer backup, overland flood)
• Add‑ons that have been added, removed, or capped
• Exclusions that may affect you
• Coverage limits for valuables such as jewellery, art, or collectibles

Check your replacement cost value . Insurers adjust this regularly to account for construction and labour costs. If you’ve renovated and the amount seems low, ask for a reassessment.

Finally, review your discounts. Some may have been removed if a system isn’t actively monitored, while others may be newly added if your risk has changed. If something doesn’t look right, your agent or broker can clarify.

Reading your renewal notice closely helps ensure the policy renewing is the one you actually need — with accurate details, updated coverage, and no surprises in your premium.

Read more: How much home insurance do you need?

Why automatically renewing your home insurance can cost more

One of the most important reasons you shouldn’t ignore your home insurance renewal notices is that it could cost you money.

It’s in your best interest to check if and how your insurance rates have changed at renewal. If you’re not sure why they might have gone up, ask your insurance provider. Here are some reasons your premium might have increased :

• Your coverage has increased
• You made a claim within the last year, or have a long history of claims
• Your home has gotten older, needs upgrades, or has been exposed to more risks
• Your credit score has taken a dip
• Overall claims costs have increased, including from climate-related losses

Whatever the case, take it up with your insurance agent or broker. Ask questions so you're aware of all changes. See if there are discounts available to you or remove coverage you don’t need.

Read next: 3 ways to make your mortgage more affordable at renewal

Should you switch your home insurance provider at renewal?

Renewal is also a great time to reconsider your deductible. Maybe you’ve gotten a raise at work or saved up a beefy emergency fund and are now confident you could pay a higher deductible when the need arises. This will help lower your premium. 

If you find another insurance company offering lower premiums, you might want to cancel your current policy (which you can do at any time, not just at your renewal).  

Keep in mind, however, that if you cancel before your term is up, you may be charged a penalty depending on when you make this change. This is why when you receive your renewal notice at the end of a policy period, it is the ideal time to make a change.  

In general, most homeowners will receive a renewal notice 30 days before their policy's expiry date, so keep track of that period if you want to reassess and take stock of any changes.  

And don't be afraid to shop around for a better deal on your home insurance in the meantime. You want to ensure that your home insurance policy is meeting your needs today, not yesterday. 

Learn more: All you need to know about fixed-rate mortgages and the interest rate differential