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Monthly Archives: July 2016

The sharing economy and technology will have a significant impact on the insurers

The sharing economy and technology will have a significant impact on the insurers

Changes happening in the digital world are having profound effects on the insurance industry. In a new world where the average homeowner can rent out their home on their own terms, use their personal vehicle for ride-sharing and travel in a self-driving car, there is a need for new insurance policies.  Is the insurance industry ready for these technological advances and the expansion of the sharing economy?

The insurance industry has proven to be adaptable. However the speed of technological advancements and changes are now exponential. There will be more change by 2025 than there has been in the past 50 years. All of these changes in the digital world and the sharing economy will continue to affect the type of insurance policies people require. Professor Jacques Nantel from HEC Montreal, has no doubts about the ability of insurers to adapt to the rapid changes in the technology and the needs of the sharing economy.

We will continue to watch to see how the insurance industry fares in the continually evolving digital world as the sharing economy expands.

If you’re planning on completing home renovations, make sure you update your home insurance

It’s important for homeowners to frequently check and update their home insurance policies in order to protect themselves from having insufficient coverage when disaster strikes. This is particularly important when it comes to home renovations.

Homeowners can find themselves in hot water if they do not inform their insurer of renovations, as changes to the property could render the policy void. Renovations also provide the opportunity to make additional improvements that can save homeowners some money on their home insurance in the long run. Items like a sewer backup valve or an alarm system may easily be installed if other work is being completed. In addition, it may be cheaper for you to make these types of money-saving additions when renovations are ongoing.

Even if a home isn’t undergoing a major overhaul, it’s still important to review policies annually to ensure they match the homeowner’s needs. For an informative article that was recently featured on CTV, click here.

Be sure to contact your insurance broker or company agent for more information on home renovations and how they can affect your policy.