(NC)—As the most wonderful time of the year winds down, many of us will begin contemplating the dreaded New Year’s resolution. If you’re like most Canadians, your list is likely to include the usual suspects — lose weight, quit smoking, drink less, eat better, etc. The idea of money management comes to mind on New Year’s (but most of us are too afraid to look at our bank accounts after the holiday season).
Yet, planning to make the most out of your hard-earned loonies by resolving to do a financial check-up on yourself and your family might just be the best New Year’s promise yet.
A comprehensive check-up should include everything from mortgage status and RRSP contributions to tax payments and insurance reviews. After all, you never know what sorts of havoc Mother Nature, Father Time or the Bank of Canada may wreak on you and your lifestyle.
Most of us know it’s wise to set up savings and RRSP contributions plans, yet few of us think about the “what ifs” of home ownership and how to protect ourselves.
This New Year’s homeowners should resolve to ensure their insurance policies are up to date and will cover the value of their homes. Over the year, many homeowners may have made improvements to their properties or undergone renovations. Without updated insurance coverage, damages to a new home addition or upgrade could end up costing significantly more than anticipated.
Also, those living in condominiums should pay careful attention to their condo corporation’s insurance policy and precisely what it does and does not cover. “Many condo owners assume their individual unit is protected under the insurance policy of the condo, which they pay for through their condo fees,” says Irene Bianchi of insurance company RSA Canada. “The truth is it’s not that simple and there are numerous situations where condo owners could be responsible for covering the cost of damage to their own unit and those of others.”
Bianchi recommends seeking counsel through an insurance broker who will be able to identify the most appropriate insurance policy based on your property and/or lifestyle requirements.
For more information about condo and home insurance and how to protect your property from potential damage, visit www.rsagroup.ca.