With severe weather on the rise, it is more critical than ever to ensure that your home is properly insured. As we have seen in recent years with the floods in southern Alberta and Toronto, we must be prepared for the unexpected.
How can you prepare?
Most home insurance policies operate on an annual basis. IBC advises that you prepare and update a home inventory list every year. While you are spring cleaning is an ideal time to prepare or update your home inventory list. This list will help your insurance professional calculate the proper amount of insurance pricing for your home and prepare you for a potential insurance claim.
Why is it important to create an inventory list?
If your home is damaged or destroyed, it’s very important that it has been insured according to its accurate replacement value. Having a thorough inventory of the contents of your home and knowing the value of those contents will help you and your insurance representative determine that you have adequate coverage and receive proper compensation if you have to make a claim.
Why is it important to update your inventory list?
Whenever you increase the value of your home through renovations or by purchasing an expensive item, such as a sophisticated electronic system, notify your insurance professional. By doing this, you will ensure that you have enough insurance to cover you in the event of a loss.
What should you include in your home inventory list?
Download a copy of the Insurance Bureau of Canada’s Personal Property Checklist