The Best Time to Review Your Desjardins Insurance Policy

Let's be honest. For most people, reviewing an insurance policy ranks somewhere between doing your taxes and waiting at the DMV. It’s a task we know we should do, but it’s easily pushed to the bottom of the to-do list, often only revisited when a life-altering event forces our hand. Your Desjardins insurance policy is more than just a monthly bill; it's a dynamic safety net designed for a world that is changing at a breathtaking pace. The best time to review it isn't just during a crisis—it's proactively, strategically, and in sync with the rhythm of your life and our global landscape.

We live in an era defined by interconnected crises: a climate in flux, a digital world brimming with both opportunity and peril, and economic uncertainties that ripple across continents. The risks you faced five years ago are not the risks you face today. A policy that was perfect in 2019 is likely full of gaps in 2024. This isn't about finding a better rate; it's about ensuring your financial resilience in the face of modern challenges.

Why "Set It and Forget It" Is the Riskiest Policy of All

The greatest misconception about insurance is that it's a static product. You buy it, file the paperwork, and forget about it until you need to make a claim. This "set it and forget it" mentality is a dangerous gamble. Your life is not static, and neither are the perils you need protection from.

The Shifting Ground Beneath Our Feet: Climate Change and Your Coverage

This is no longer a future threat; it's a present-day, premium-impacting reality. From unprecedented wildfires scorching communities to "once-in-a-century" floods happening every few years, the pattern is clear. For Desjardins policyholders, this means several critical review points:

First, understand your water damage coverage. Standard policies have evolved. What is covered for overland flooding versus sewer backup? If you haven't looked at your policy recently, you might be unpleasantly surprised. Reviewing your policy allows you to ask the right questions: Is my sump pump failure covered? What is the specific limit for water damage restoration?

Second, re-evaluate your property's replacement value. The cost of construction materials and labor has skyrocketed, partly driven by supply chain issues and the increased frequency of rebuilding after natural disasters. The dwelling coverage you selected three years ago might be insufficient to rebuild your home today. An annual review ensures your coverage keeps pace with inflation and real-world rebuilding costs, not just the theoretical market value of your home.

The Digital Wild West: Cyber Threats and Your Financial Safety

You likely manage your Desjardins policy online, bank online, and shop online. This digital convenience comes with a shadow. Cybercrime is a pervasive threat, and its consequences can extend far beyond your computer.

While you may have identity theft protection, a comprehensive review should include questions about cyber liability in a connected world. For instance, if a cybercriminal hacks your smart home system and causes a fire, are you covered? If you run a small business from your home, does your homeowner's policy provide any protection if a client's data is breached from your network? For those with more complex needs, exploring a standalone cyber insurance policy or understanding the cyber-related endorsements available for your existing policies is a crucial step in modern financial planning.

The Personal Milestones: Your Life's Calendar Is Your Review Schedule

Beyond global events, your personal journey provides the most obvious and critical cues for a policy review. Aligning your insurance with your life stages is the cornerstone of sound financial health.

When Your Family Grows (or Changes)

Getting Married or Moving In Together: This is the perfect time to merge not just your lives, but your insurance portfolios. Combining auto policies can lead to multi-vehicle discounts. You'll also need to update your homeowner's or renter's policy to include all your new combined assets—wedding gifts, heirlooms, and that new big-screen TV. Crucially, this is the moment to discuss and designate beneficiaries on your life insurance policies.

Having a Child or Adopting: The arrival of a child is a powerful motivator. Suddenly, life insurance isn't an abstract concept; it's a promise of stability for your child's future. Review your life insurance coverage to ensure it's sufficient to cover your family's living expenses, future education costs, and outstanding debts if something were to happen to you or your partner. This is also the time to consider a life insurance policy for your child, both to protect their future insurability and to start a savings vehicle.

Becoming an Empty Nester: When your children move out to start their own lives, your insurance needs shift again. You may find you can reduce certain types of coverage, but it's also a key moment to think about your long-term care needs. Does your Desjardins health or life insurance policy offer any long-term care riders? Proactive planning now can protect your retirement savings later.

When Your Assets and Liabilities Shift

Buying a New Home or Renovating: This is a non-negotiable review trigger. A new home means a new policy, but a major renovation (like adding a new room or upgrading a kitchen) significantly increases your home's replacement value. Failing to update your policy after a renovation could mean you're seriously underinsured.

Acquiring Major New Valuables: Did you inherit jewelry? Buy a valuable piece of art? Start a collection of rare guitars? Standard policies have sub-limits for categories like jewelry, furs, and electronics. If you've acquired new high-value items, you need to schedule them separately on your policy to ensure they are fully covered in case of theft or damage.

Starting a Business or Working from Home: The post-pandemic world is full of entrepreneurs and remote workers. If you're running even a small business from your home, your standard homeowner's policy likely provides little to no coverage for business equipment, liability, or data loss. A review can help you add a home-business endorsement or secure a separate business owner's policy (BOP).

The External Factors: When the World Changes Your Risk Profile

Sometimes, the need for a review is driven by factors entirely outside your personal life.

Economic Fluctuations and Regulatory Changes

Periods of high inflation, like we've recently experienced, erode the purchasing power of your insurance coverage. The $300,000 in dwelling coverage you had in 2020 might only cover 80% of the rebuilding cost in 2024. An annual review acts as an inflation-adjustment mechanism.

Furthermore, governments occasionally introduce new regulations that can affect your insurance. Changes in mandatory auto insurance minimums or new rules regarding cyber liability for businesses are examples. Staying informed and reviewing your policy ensures you remain compliant and adequately protected.

Changes in Your Driving Habits

The rise of remote work has meant many people are driving significantly fewer kilometers each year. If you're no longer commuting daily, you need to inform Desjardins. This could qualify you for a low-mileage discount, substantially reducing your auto insurance premium. Conversely, if you've started using your personal vehicle for delivery gigs (like Uber Eats or DoorDash), you must update your policy, as personal auto insurance does not cover commercial activities.

How to Conduct a Thorough Desjardins Policy Review

Knowing when to review is half the battle. Knowing how is the other.

1. Schedule a "Financial Health" Hour: Block out one hour every year—perhaps around your birthday or the new year—to sit down with all your policy documents.
2. Gather Your Documents: Have your current Desjardins auto, home, and life insurance policy declarations pages handy.
3. Take an Inventory: For home insurance, walk through your home with a video camera and document your belongings. For life insurance, list your current debts, income, and future financial obligations (like your child's university tuition).
4. Ask the Big Questions:
   • Has the replacement cost of my home increased?
   • Are there any new discounts I qualify for (e.g., bundling, new home alarm, defensive driving course)?
   • Do my life insurance beneficiaries need to be updated?
   • Have I acquired any items that exceed my policy's sub-limits?
   • Has my risk profile changed due to my work, travel, or lifestyle?
5. Talk to a Professional: The most effective step is to speak directly with your Desjardins representative or financial advisor. They can help you interpret your policy, identify potential gaps, and explain new products or endorsements that align with your evolving needs.

The peace of mind that comes from knowing you and your loved ones are genuinely protected is priceless. In a world of constant change, your insurance shouldn't be a relic of the past. It should be a living, breathing contract that evolves with you. Don't wait for a storm, a hack, or a personal tragedy to discover the gaps in your coverage. The best time to review your Desjardins insurance policy is now, while the sun is still shining.