Entering a new stage in life like having a baby or retiring from your lifelong career can be thrilling — and more than a little stressful. So, it's likely that you probably aren't thinking about your home and car insurance during these times. But it's important to let your insurance broker know when a major life change is on the horizon. Your broker can take care of any necessary changes to your insurance coverage so you can stay focused on what matters most. Here are the ways your home and car insurance needs may change depending on the stage of life you're in.

You're getting married, moving in with a partner, or getting divorced

Changes in your marital status can include both happy changes, like moving in with a partner or getting married, or unhappy circumstances, such as divorce or the loss of your spouse. You may be aware that these events can require changes to your life insurance, but you should also be checking in with your home and car insurance broker.

Since all licensed drivers in your household need to be listed on your car insurance, you'll need to add a driver to your policy when you move in with a partner, even if you have your own vehicles when you get married. Your marital status can also affect the cost of your coverage for both your home and car. Statistically, married couples file fewer claims, and in some provinces, marital status is part of a risk assessment profile. Also, if you both have car insurance, you can qualify for multi-car savings, or bundle your car and home insurance for additional discounts.

You're buying a new house

It may be obvious that you need to get a new home insurance policy when you buy a new home, but don't forget to update your address on your car insurance policy, too. There are several factors that can affect both your home and car insurance coverage. Your location, especially if you've moved out of province, is included in the calculation of your premiums. The area you live in may have a higher or lower crime rate, have different traffic patterns and accident statistics, or increase or decrease the length of your daily commute. These are all reasons to update your car insurance policy. For your home insurance, the location of your new home, crime rates, the size of your home, your proximity to water and fire hydrants, and whether you're in a rural or urban spot can make a difference in your premiums.

You're renovating your home

If you're staying put but thinking about making home renovations, don't leave out the planning step of contacting your home insurance broker. Some modifications may increase the value of your home, and you'll want to make sure this is reflected in your home insurance policy. On the other hand, some modifications may make your home harder to insure, and you'll want to know that before you begin construction. There will also be increased exposure to third-party liability risks if you're adding something like a pool or a hot tub.

You recently became a parent

Having children can fill your home with love and laughter — and extra expenses. (It's a good thing they're cute!) One way to cut costs is to revisit your car insurance coverage. If you've recently had a baby and are staying home instead of commuting to work, this can lower your car insurance rates. Likewise, if you've traded in your two-seater sports car for a family friendly minivan, your car insurance premium may go down. On the other hand, make sure all the trappings that come with a baby, like strollers, cribs, and outdoor play structures, don't increase the value of your home's contents beyond your coverage limits.

Your children are growing up and becoming more independent

Toddlers become teenagers in the blink of an eye. If you find yourself with a newly licensed one, you'll need to add them to your car insurance, whether they're driving your vehicle or you're getting your teen their own car.

For home insurance, you won't need those strollers and cribs anymore, but if you've invested a small fortune in household electronics for your teenager — laptops, gaming systems, expensive sporting equipment, the list goes on — you'll want to double check that your contents insurance is enough to cover any additional replacement costs.

You got a new job

Getting a new job may not affect your home insurance (unless you've moved for a new role), but it may affect your car insurance. Has your commuting distance changed? Are you driving more (or less) for work than you were before? You'll want to contact your insurance broker to update your policy.

Getting a new job that requires you to work from home may affect your home insurance coverage. If you simply have a home office, it shouldn't affect your insurance, but having clients visit your house might.

You launched a new home-based business

There's a difference between owning a business you conduct from your home and working from a home office. If you're running your own home-based business, you'll have different coverage needs. It's best to contact your broker to make sure you have the proper coverage.

You're retiring

Retirement can bring about similar changes in driving habits. If you're no longer commuting, you're driving less in general, or if you and your spouse are now sharing one car, your car insurance requirements will change. If you're becoming a snowbird, you should contact us if you plan to bring your car with you to the U.S., so you know what you need to continue coverage while you're there.

If you downsize into a smaller home, or decide to move in retirement, your home insurance will change. This is especially true if you purchase a condo unit or if you rent instead of own. These situations require different insurance needs. And if you plan on travelling for stretches of time, especially for the entire winter season, make sure you understand what your policy requires in terms of having someone check on your home in your absence. Your broker will be able to tell you what you need to do to make sure you're covered for any circumstances that arise while you're living out your retirement dreams.

Life is an adventure! Make sure your life milestones don't cause unexpected adventures with your home or car insurance. Talk to us when your circumstances change to make sure you're covered, no matter your stage of life.

With thanks to Economical Insurance for their editorial contribution.