Legalization of marijuana was met with great celebration in Canada last year, but it’s not all easy street. Just like other substances, like alcohol, legal does not mean law-free. There are still a lot of restrictions and rules surrounding cannabis and it’s uses that must be observed. Failing to recognize these limitations can have an impact on things like your life insurance, home insurance and even automotive insurance.

Here are a few things to consider if you use medical cannabis, or cannabis for recreational purposes:

Know the Law

Despite legalization there are still laws surrounding cannabis that many are not yet familiar with. These laws regulate possession limits, age requirements, where it can be purchased, where it can be used and how much you are allowed to produce yourself – these regulations vary by province. If you break any of these laws it can not only impact your criminal record, but it can also have an impact on your auto insurance and homeowner’s insurance, depending on what law your break.

Your Existing Home Insurance May Cover Your Legal Plants

If you grow your own marijuana at home, within the legal limits, then it is likely that your existing homeowner’s insurance will protect those plants’ value, just as it does the value of your television or jewelry. It is important to note, however, that each insurer is different. They may raise your premiums if you are growing your own marijuana due to the increased fire hazard they present. Each insurer may also impose their own limits or restrictions on growing within the home. Never take for granted that you are covered. Check with your insurer to get the details of your policy where cannabis is concerned.

Do Not Drive and Smoke

Driving and smoking or driving soon after smoking marijuana is a crime. Driving under the influence of any drug, including prescription and over the counter drugs that affect your alertness, is illegal and comes with heavy penalties. If you are charged with driving under the influence it will have a very negative impact on your auto insurance premiums, at the very least. If you are convicted of driving impaired and an accident resulting in damage occurs, your insurer will likely deny your claim and you will be responsible for all the associated costs of the accident.

Read the Fine Print

As we mentioned before, growing plants in your home increases the fire risk for your home. This can increase your insurance premiums. If you modify your home or bring in specialty growing equipment without informing your insurer, they may nullify your policy in the event of a fire or other disaster resulting from said modifications and equipment. Just because your insurer doesn’t know you have modified your home, and your premiums remain low, doesn’t mean you are covered. Inform them to ensure you are protected.

Liability

You are responsible for other people who enter your home, and your liability insurance is there to help you manage the costs associated with someone getting injured on your premises. This applies when people are sober or under the influence of drugs or alcohol. Just as with alcohol, you are responsible for anyone who leaves your home impaired and operating a vehicle. It is your responsibility as the host and homeowner to ensure people use and travel responsibly, or you could be sued.

We all want affordable insurance, and sometimes that means inquiring about cannabis insurance policies directly with your insurer. Whether you use medical cannabis or cannabinoid-derived drugs, you should check with your insurer to see how these things may impact your life insurance or health benefits.