The Government of Canada has named November Financial Literacy Month, a month to empower Canadians with the knowledge, skills, and confidence to make responsible financial decisions. Financial literacy, among other things, is insurance literacy. Insurance literacy can help consumers better protect their homes, cars and businesses while keeping their costs under control.

To celebrate Financial Literacy Month 2014, here are the top 10 tips to help increase insurance literacy:

  1. Speak to an insurance representative about your specific insurance needs.

  2. Shop around to find the right policy to fit your unique situation.

  3. Review your policy at least once a year.

  4. Understand your policy.

  5. Ask questions about your policy.

  6. Look for ways to lower your premiums. Some insurers offer discounts if you take actions to reduce risk. Ask your insurance representative about what you can do to lower your premiums.

  7. Take steps to reduce avoidable car accidents, like ensuring regular maintenance of your vehicle.

  8. Look for ways to protect your home from risks, such as testing fire alarms and carbon monoxide detectors.

  9. Check online resources to learn more about insurance.

  10. Pass along these tips to your friends, family and neighbours.

This Financial Literacy Month, use these tips to help increase your insurance literacy. By doing so, you and your family can know what to do to be adequately protected while making certain you are paying a fair premium and help others do the same.