TORONTO, Feb. 1, 2012 /CNW/ - After a disaster or burglary would you be
able to replace everything, all at once? Insurance Bureau of Canada
(IBC) reminds homeowners and tenants to make sure their insurance
policies are up to date.
"Often, home insurance policies automatically renew each year and
consumers may not even think about what their policies cover," says
Ralph Palumbo, Ontario Vice-President, IBC. "But if you've done any
renovations, upgraded your furniture or acquired new and expensive
electronics or art, it's important to review your home insurance
Homeowners should insure their house according to what it would cost to
rebuild in the event that it was destroyed. This amount is called the
replacement cost, and is different from the market value or tax
"Replacement cost includes things such as debris removal, the price and availability of
skilled labour, extra expense due to more demanding building codes, and
more," adds Palumbo. "Upgrades, renovations and other improvements can
also make rebuilding a home more expensive than originally estimated,
affecting the final replacement cost."
And both homeowners and tenants need to think about what's inside.
"Take an inventory of your stuff," recommends Palumbo. "A complete
inventory of your belongings will help you get the right coverage and
make it easier to file a claim."
Consumers can complete a room-by-room inventory of their possessions and
find a home assessment checklist here: http://www.ibc.ca/en/Home_Insurance/Home_Insurance_Explained/itv.asp
About Insurance Bureau of Canada
Insurance Bureau of Canada is the national industry association
representing Canada's home, car and business insurers. Its member
companies represent 90% of the private property and casualty (P&C)
insurance market in Canada. The P&C insurance industry employs over
114,000 Canadians, pays more than $7 billion in taxes to the federal,
provincial and municipal governments, and has a total premium base of
For more information about home insurance and other insurance topics,
and to view media releases, visit IBC's website at www.ibc.ca.
SOURCE INSURANCE BUREAU OF CANADA
For further information:
Erika Bennett at 416-362-2031 ext. 4312.