HALIFAX, April 10, 2013 /CNW/ - With spring underway, it's a time when many Canadians start looking for a new home or thinking about renovations. Either way, it's an ideal time to start thinking about home insurance.
"Your home is your most valuable asset. With severe weather on the rise, it is more critical than ever to ensure that your home is properly protected," says Amanda Dean, Director, External and Government Relations, Atlantic, IBC. "If your home is ever damaged or destroyed, it's very important that it is insured to its accurate replacement value. Taking a few insurance precautions now can help get you through a very hectic time if you do need to make a claim."
Here are a few tips IBC recommends:
- Whenever you increase the value of your home through renovations or new content purchases (such as artwork, jewelry), notify your insurance professional as soon as possible to ensure you have adequate coverage.
- Know your policy renewal date and allow yourself at least 60 days to review your coverage with your insurance professional.
- Make a list of key details about your home and contents as that information may be needed when calculating the amount of insurance you need.
- If you're in the process of moving and packing up your possessions, it's an ideal time to do a home inventory. This may help you determine the right amount coverage you need. Take pictures or video your possessions as that information can be helpful in the event of a claim.
- Read your policy carefully. Ask questions. Have your insurance representative explain certain exclusions on your policy. Know what isn't covered.
- In the event you have a claim, know the amount of your policy deductible. Talk to your insurance representative about any deductible adjustments and the impact it could have on your policy.
- Shopping for insurance of any kind is always recommended. It's important to compare prices and products finding the right policy that fits your needs. If you find one that fits your needs better than it's best to wait until your existing policy expires before changing companies to avoid any possible midterm cancelation fees.
- Ask your insurance representative about discounts you may qualify for as this could save you money.
- Talk to your insurance representative as they are the expert.
About Insurance Bureau of Canada
Insurance Bureau of Canada is the national industry association representing Canada's private home, car and business insurers. Its member companies represent 90% of the property and casualty (P&C) insurance market in Canada. The P&C insurance industry employs over 115,000 Canadians, pays more than $7 billion in taxes to the federal, provincial and municipal governments, and has a total premium base of $44 billion.
If you require more information, IBC spokespeople are available to discuss the details in this media release.
SOURCE: INSURANCE BUREAU OF CANADA
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