Ring in the new year with a home insurance review

perfect time of the year to review your home insurance policy and update your home inventory

This is the perfect time of the year to review your home insurance policy and update your home inventory, especially if you’ve received expensive gifts such as jewellery, TVs or electronics this Christmas.

“Maintaining a home inventory protects you in the event of theft or damage to your home’s contents. Having an inventory helps ensure you have the right amount of coverage and may help speed up the claims settlement process faster after a loss,” says Bill Adams, IBC Vice-President, Western & Pacific.

Here are a few tips to protect your possessions in the future:

• Note the approximate replacement value of each item, along with makes, models, serial numbers, receipts, credit card statements and other identifying marks. They can serve as proof of ownership.

• If you have any questions about which items are covered by your policy, contact your insurance representative.

• If you are renting, remember that your landlord’s insurance policy typically does not cover your personal belongings or liability. It is up to you to ensure you have coverage in place. Contact an insurance professional to discuss your specific circumstances.

• Renters should also keep an up to date list of their belongings in case of theft, loss or damage.

• Move room to room and take photos or video footage of all of your valuable possessions. Remember to update your list of inventory as needed.

• For a complete home inventory worksheet click here.

• Keep your list of inventory in a safety deposit box or other safe place away from home.

• It is your responsibility to make sure that your insurance company has an accurate and up-to-date description of your home which can help speed up the claims settlement process after a loss.

For more information on home insurance visit:  ibc.ca

The 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 118,600 Canadians, pays more than $7 billion in taxes to the federal, provincial and municipal governments, and has a total premium base of $46 billion.

SOURCE: Insurance Bureau of Canada