Saskatchewan residents are being reminded to take stock of their insurance coverage as June 28 marks National Insurance Awareness Day.
The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) and the Insurance Councils of Saskatchewan (ICS) are encouraging individuals, families and business owners to review their insurance policies to ensure their needs are met and their assets are properly protected.
“Insurance provides peace of mind to help cover costs from unexpected events like health issues, accidents or weather-related disasters,” said Jan Seibel, Executive Director of the FCAA’s Insurance and Real Estate Division. “National Insurance Awareness Day highlights the importance of reviewing your insurance policy to ensure you have the right coverage.”
ICS Executive Director Denny Huyghebaert echoed that message, emphasizing the role of licensed professionals in helping consumers navigate the often complex world of insurance.
“Whether you are insuring your home, vehicle or business, understanding your coverage is key,” Huyghebaert said. “ICS encourages all consumers to assess their insurance needs and work with licensed professionals to get the protection that fits their life.”
Both agencies are also offering practical advice for policyholders:
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Review your coverage: Not all insurance policies are created equal. Residents are encouraged to review their current coverage and ask questions if they are unsure what is included.
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Update information: Notify your provider of any significant changes, such as major home renovations or new high-value purchases, which could affect your coverage.
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Take inventory: Keeping an up-to-date record of personal belongings, including photos, can help streamline claims after a theft or loss.
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Travel protection: Confirm your coverage if planning to be away from home for an extended time.
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Liability considerations: Ensure your policy addresses scenarios such as injuries to visitors or contractors.
The FCAA regulates insurance companies under The Insurance Act, aiming to ensure fairness and accountability within the industry. ICS is the delegated authority responsible for licensing and regulating insurance intermediaries, including brokers, agents and adjusters across Saskatchewan.
More information about insurance policies and consumer protection can be found at fcaa.gov.sk.ca and skcouncil.sk.ca.